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On time
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No. 27.327
Thursday July 21 1977 *** 12p
Dmmmopds;
^ - Sui tings^fv^ill^
v, ' asfcyouf tailor!^
CONTINENTAL SELLING PRICES: AUSTRIA Sch.15; BH-tilUH Fi-.1S; DENMARK KrJ.S; FRANCE FrJ.O: GERMANY DM2.0: ITALY L.500: NETHERLANDS RJJi NORWAY KrJJE; PORTUGAL BC.M; iWUN ftw^l SWB3B4 . KrJJSf SWITZBILAFffi FrJ.Oj EIRE 12B
Rising 1 unemployment and 7-S% inflation forecast
omy over
wth target
for autumn
Geneva talks
SY DAVID BELL
WASHINGTON, July 20.
BY DAVID CURRY: PARIS, July 20
• EQUITIES niHVrcd a farther
■ PRESIDENT JIMMY CARTER -prepared to make some conces-
said to-day that it now seems sion on the Palestinian issue, or
very Likely that the Ceneva whether some way has been
Middle East peace conference found around the difficult ques-
A secret ballot conducted at ncw
Grim wick yesterday by Gallup
Pnli produced an S5 per cent. 500
vote among staff against any
trade union negotiating pay
and conditions at the Rim pro-
cessing company. There was
an S7 per cent, vote against 450
APEX, which has hren involved
in a recognition dispute for
almost a year.
Gallup Poll, which was hrought
in by Mr. George Ward. Grun- 4 qq
wicks managing director, had
the payroll list of the company's
303 staff. The vote covered 209
people with the rest. 14 directors,
the temporary staff of 61 and
others who were sick or absent. «n
excluded".
No notice was given to staff
-F.T. INDUS
mm
-INDEX
i they have set themselves on the of “reasonably good prospects
basis of present economic poll- for sustained expansion.
rate would accelerate consumer
It foresees
hide fluniMer. that territorial adjustments must
President spoke . to be made in the Middle East and
» after a meeting of only that all the parties involved
;es with Mr. Begin. “ We recognised the “ difficulty of the
[cies. With the exception of the . for _, ecs a g Der eenl . '- comments that since real prices by about 1* per cent, reporters after a meeting Of only that all the parties involved
US., the prospect is that unem- J 1 t h rate over the first h"V v ® h f vc *H“ i a r, a*® 3 * 1 ° £ !»«* and stimulate i per cent. 50 minutes with M*. BegSc. “We recognised the “difficulty of the
pi cyme m will continue to edge n f n « t ve'ir and the increase r " :i ,!^ s in productiviiy, there is increase tn taxation through had ■ such' an unexpectedly Palestinian question.'* ?
.upward.*, and the underlying rate J f i"' h^ ind this ■ <M,nce . nt * ve for business to withholding of certain tax cuts, harmonious discussion this qnesuon.
of inflation, at I,,,, in the shor, J a " rtuJ J '"^SSL ,,a rate of cap,tal ™ s ■“« «•' morning ttat we did not ha« , ,
term, remains at about d or S per J 1 i-^bu i d m " of i memor i es ,1 ^ c . . . »*»l« household income to rise, any reason for arguments,” the Withdrawal
cent, a year. . L,/ 1 In u , t.enerally, the Secretariat bv only i per cent more than President said He added- “I tt
.u Th , 1S , V he mail \ l 5 I onc i u&inn *? f R,T t 7l ?**>? momentum of it would with a 9 per cent, earn- like him very much.” - ' - However. Mr. Carter- said.
This is the main conclusion nf The report siigse Ms that ;n tin Its that the momentum of it would with a 9 per cent, earn- like him very much ” - ' -However. Mr. Carter- said,
the latest six-mnnthly Economic Butish inflation can be brought u ,- ( .vth has fizzled out over the ings growth. _ .. .. _ . „ there- was agreement that United
Outlook, published to-day by the down to an annual rate of 5 1 year. The effects of ex- Unemployment in the UJt. tij PresWent Carter said ***• 5
last month of a 5 per cent, incomes policies and other ,.. r , nna . , - _ — . ,
growth rate for Iff*, and the arrangements involving con sen; ^ingthat a third of North I^22,l%?SieTnotaM y for
medium-term strategy of an an- sus betv.een the social partners. SLV months. the report says Sea oil produced is exported, the ££“■ 'SL ^nd the ^TtodrawaLaf Israeli forces
nual 5 to 5! per cent growth tb ,« this was due largely to OECD sees oil exports adding J L“Ll£ e J sr04ndW p° I i,^ W “Tran Snltories occupied " dur-
rat h ^ , are unlikel> to be r)]cmApn4jyp .c .idental factors like the per cent to the growth rate of SSffiiiltSiii “S the war, and°the P “ acknow-
in m<* disincentive ^ s5S2fff"o SSi-’M
rioting a tendency for inffa- in 1977.
-probably be the final pre-Geneva
Nations resolutions 242 and 338
should form the basis of the new
negotiations and that all sides
had also agreed that the •‘tran-
scendent goal is peace."
UN resolution 242 of Novem-
FEB MAR APR MAY JON JflL
Disincentive
, uiuuuw, 1**6 ichull aaj>o ^ ta uic , j( a fh ~ n nrHuini+ n'nvr and me wicimrawai or Israeli lorces
tbr.i this was due largely to OECD sees ofi l exports , adding J “ fram territories occupied " dur-
.1- . i dental factors . like . the per cent to the growth rate of SlWthS will “K the war, and the “ acknow-
st' ore North _ American .winter merchandise exports. SnSSwK o!Sh2r« he^Sd ledgement of the sovereignty.
vote at any ume. Back Page
ing days.
th.li 1 ho vote was taking place Index closed at the day's worst 197s overall" "ro^’h sWmM U also depends nn “a suh- P° 0,: s P rin ® weather - Replacement of imported by conference in October, he said. aQd po LiUca.l
and. Gallup said, the manacc- n f 439.1. down 7.2. for the loss likcl’v to stick afd p»-r cenr.. in- stantial squeeze" nn real lake- ,!i e OECD makes clear that oil may _ lop 4 to 1 per — , . Independence of e»ery State in
ment was not involved m the „ r H .fi over the past three trad- sufficient to ernde unemployment home. pay in 1977. with averace '< n '> c a general call SSSS l^OflCCSSlOIl me ^ and th eir right to live
tote at any ume. Back Page s „„ i^wis. and indet-d likoi- m nrn- earnings cont ; miin? «o a rnv.- expansion. It states specific- “f at _* a 5 ‘ in- peace within secure and recog*
P CSeSTil<5S charere • •JIW'S were '•tin sensitive, plnyment
™ i.lnci nn ii-ill, nv>P"iml rraine Sn Noiinthl
levels, and indeed like! - m pm- carninas cont a nuin? «o srnv.- expansion, tt states specihc- vui.*ui at an . in- peace within se
mote a slight increase in unem- more slowly than price? for 12 • l ' lv that countries like ,n It appears that the Adiminis- msed boundaries.
months.
closing with marginal gains in Nonetheless, the report makes Capacity utilisation in manu- u ron m for relaxation of ne S r y TaD
Bnirun, Italy and France there to emerge in the first half of I nation, has decided that a The Palestinians were referred!
I reconvened. Geneva conference to in the context of the need for
Mr. John Gordie, Tory ALP for Heht Tradin" "The' FT 'Govern- it ‘cTear“th:it the target 'grnv. rri facturin? ‘industry has boon h.’w .' -• ‘•ilisation policies, and thinks f , 0 Fo T.A ap ®“ 1 ■ 1 ^ ' b ** wa ? forward in the “ a just settlement of" the
Bournemouih E. has rejected ™ rate CQU \ d be achieved if the in all member countries and Hu-t in some smaller OECD £«' present sitnation, even though refugee problem." Resolution
alienations that he concealed a 1"°!“ ®. ecuntlc ^ ‘ ntlcv rose 0.O1 - locomotive countries ’—notably will continue so for 12 month-, cm nines tougher austerity next six mou ths^slowmg to 5 there is areal risk that it could 338 of October 22, 1973 called
■ •-..■wit *■- LUL'-AIIIUU V r U'Jl'II II 10 vvi.vuiux II.'I x- niMiim’. ^ _ C-c-fr li«]f nf 10*70 . m " vuu ui Lfviuuct xyi«j Loucu
“direct pecuniary interest" *0 bb-b*. Japan and West Germany — rook OECD countries as a whol* measures are needed. J* nt - l S ft uie “**: nau break up in disarray. .for an immediate end to fighting
when speaking in a 19S4 a ln _ a leaf out of the American book rouid have a reasonably fas' As the report was drawn up west Germany is expected to j t not immediately clear and implementation of resolution
Commons debate on Gambia. • DOLLAR Icli lo a record gnd fo u owef | a nrore expansion- rate or expansion of demand in "Pile the Government was still f‘’ ow raal GNP growth of whether Mr. Begin has been 242.
where companies of Mr. John ,n w against the German mark, j st coursei the next year without running discussing the possibility of a 4 P e ^ c ^ nt - to mia-1978.
Poulsnn. the .jailed architect, h »it later improved. Its trade- The U.S. is the onlv country into problems of capacity limi- formal Phase Three incomes wlUl employment marginally .
were involt ed. Mr. Cordle is weighted depreciation widened where the OECD Secretariat, tation. policy with tjhe unions, the contracting. Tl, 1 ' U- • * ^. T _ ' T.
planning a counter attack against tn t.91 (1.991 per ccnL Sterling which is encouraged rather than But, again excepting the U.S.. Sv retail at has based its Details, Page S- J1.iJyTlT 1T|3Y '3C-C0lll ISlSrl
charges levelled at him in a gained 4 points to 81.721)5. with — — — — .w— h i — 8 ———————— oJ Jr ^ **•/ ^ V
select committee report over riie Ban kor England interven-
Irnks with Mr. Potilson. Page 13 ing Jo prevcn( a shar|Msr ^
_ . . Its trade-weighted index was !
POOS* OUitoGfe unchanged at fiO.P. |
_ , , , *13 uiiiinu-iKnirn miuca ,
Poos* outiook unchanged at h'O.f!.
More nenple jn Britain Ih^n io q GO! D fell SI fn SiJifii 1 ?
any other EEC country believe ‘ '” ,W5,
1 hat the poor are to blame for a WALL STREET was up 1.29
meir uwn plight and that public Rt m58 near thc c i 0Sfi . K
aulhonies are doing 10 much to
relieve poverty, according to a _
survey of public opinion spon- ® STEEL pi oduemg _na tiers,
s.-'red by the European Com mi*;- meeting withio ihs fteii-'-:
. r ..... u.-nrk jifl.Mflprl n nror^m 1 rlu.
unchanged at fifl.R. "I iU M&U VlUl^ g uidance on | EGYPT will accept the existence fteim, the UN Secretary-general,
JEL A of Israel as one' of the States affirming Egyptian insistence on
Q GOLD fell SI to Si 44.625. _ „ in the Middle East if Israel con- total Israeli withdrawal from the
TB "B Q J, 1 ®13 JP "■ A 1 "■ forms -to the demands : of inter- territories occupfett in 1967 and
9 WALL STREET was up 1.29 dTgAQ SCI 1S7I OlfTi AT fidTCft fad 11 \l national . legality, according 'to establishment £f a Palestinian
M 320.56 near thc chw, lEUdLiS Vflill lliC 4i%A Ul UdllK . A1 SbCiS a !™** ^ *° a ’°
0 STEEL producm? natien*. . " /-"■ Further Evidence of Arab
nicotine 'vrthin ih:*'»il.::ts *kv-.i.'. ■ BY JOHN ELLIOTT, INDUSTRIAL EDITOR " Although this.; little. . more moderation has come from the
CBT LEADERS decided yesur- tenence of price control?, was tain wage restraint on the aspect than 10 percent, which means caSii 3 ^ firC Egypt , s^ nd paslti^i Bovron
day to salvage what they coo Id the prospect of ibis backing for of the policy which affected com- that basic pay deals should not towards * Vlsrfifr - its - immediate Office adonted an nmirecedented
rin- an iniPna'ian^i a »w.rd frprn **>* P a >‘ P oill >‘ develop- the 12-mnnth rule. panics’ ability to put up prices, exceed 6 per cent aims are twofBldl First, it is concession ^towards IsraeL’ Com-
p.me *■! j makers' probiemsSack menIS Qf .$* pa f l Ten hy . CB1 leaders have been a=u.ed In such a situation it was right Mr. Methven said he preferred clearly- in tended to conSde witt missionSfifleraf MohamiJSl
n‘„. F^nUrt rtrHpre for normnn :S»uing guidance » companies on by t h e Government tin: com- for the CBI to contribute by to describe what the CBI would the start of :*lfc Bran’s -talks Mabsonh who ha«- headed the
si, -el' industrv, Page 4 the , best . le , vel fn S wase se * ,, f e ’ ^ nics onl * 1 ^.ril.sed setting up a centijl data bank be doing as “advice and counsel- with Presided CarterRn Wash- ^a^ovcottOffire it ^s
■’ p moots and by setting up a data and by issuing guidance on pay. ling rather than monitoring. ington. Second, it is meant as set up, said the boycott woufd
01 4L f bn n i- on T8 n orr Lnrd Watkinson, CBI presid- Lord Watkinson added crisply: a conciliatory -gesture to give continue -until Israel withdrew
hOOrWime devel . op ,n the « raiB » monti ? s ray UO 0.0% df ' Dt - -'POk-e scathingly after the " Jus J. because the Government the U.S. further evidence of the from the West Bank, the Gar.a
This emerged from thc ; “V i _ . council meeting ahout the way has dismantled everything in a moderation of Its best ally in Strip and Jerusalem. • -
nj monthly meeting of the CBI-s Average earnings ro<e auam that the Cover ament had “ opted . da y s i do . n \ ^ ,nk **>«. the Arab woriff.; This is- the first statement from
BY MICHAEL TIN GAY
CAIRO, July 20.
BY JOHN ELLIOTT, INDUSTRIAL EDITOR
p a „,, j case '■•i?HimaKers proo
Pa c 4 \ Export orders fi
- steel industry, Page 4
Auctaors record
A world auction record of £62.000 C§T|ort-.f I'm A
war, paid at Sotheby's hy a OI1UI l-lllllc
LonduD dealer for a copy oF Ike . .
Koran produced in Baghdad in WOrKlUS 2t
1282. Thc manuscrtol was illu- v *
minuted by one of the most f 1 in „ r * 0 , l l f l c ,
important early Arab calii- V.-Ol!Fl*llJlQS •
praphers. Yaqul AI-Musta'Siml. _ rftl . BT
case ‘■J ec j makers' problems. Sack
bank on how wage negotiations
develop in the coming months. p>o> v mn ft SOL
This emerged from thc ra J °P 0.0 /O
monthly meeting of the CPI's Average earnings rose acain
council which, while angry ai in May to show an increase
the Government intention tn u.*c 0 f r.s per cent, over Inc lirst
profit margin controls to police io months of the Phase Two
CBI is going to become a grand-
settlements, decided to adnpt a
... .. - _ _ , It Is undefstood here by Mr. the boycott office to imply pos-
Earlier ho told emm Hi mam ranth , er g ° m . s , roo , n , d rapping Sadat's statement that, if Jsrael stole acceptance of Israel within
• « n ^ pcople on their knuckles." were to conform to UN, resolu-. its 1987 boundaries.
praphers. Taqui Ai-Musia ainn. roiiRT M.fl DS tradine ronrti positive rather than a merely _ .
It also contained a number »[ ® lvuui auluj iraaing conai- - tive DOS jii on cnuivaient to a rise
“ ^-r„^L-ich iiii.minatinnc Voia. tions in the past three months “V l,ve P°siuon.
later Turkish illuminations. .-Wf have heen ]ess salisfactorv rhan It was made clear at the same Ptr_cent. ^«n ai
room. Page 2
■^EC parity claim
lfi months of the Phase Two hers- “ Because the Govern men V P r P, lw l t« “ . . , were to conform w UN, resolu-. its 1987 bpundax
n:iv noliev The inerea-r- is ^hVu, V - ,° . e ^ * ■ Lord Watkmson stressed, how- tion 242. Egy^t wobTd recognise '
. P, . *' f. oc * th*. TLtG have failed to con- ever, that- industrialists would be it and move towards- normal is- £ tn New York '
cfjuivuLnt to a rise of mer tinue iheir own agreed wages watching close! y how the Govern- ing diplomatic relations. - • — 1 — : ;
i«..i percent, nn an annual policy, at the very moment when ment dealt with its own em- Al Ahram'talsb quoted Mr. ■ - . July I
basis. But officials remain the nation faces success or fail- ployees. Companies would Ismail FahmL- Egyptian. Foreign
.anr.i..* ih.i: i ..r u re m thp ha trie asainst infla- ~ _ t, . n ; -----
against infla- “regard themselves as being Minister, as saying that President - ,,4*,,*,
trt " e ° free "■ j f ?? Government , paid Sadat had -ct^cted'Teaders to. MriE^h f'fliSSW SSS&S
u the CBI. un with settlements nf 15 tn on Mncenu. i - ^ --
..e Scottish National Party is to ; jd th ..liA, (.* usee's fihrcl lead ' n l ^ e Public sector, and . " f fhr T<-ansnni mri , 11 , me . ant t | ,at responsibility
hie an amendment to thc Euro- " ca p ac iiv ^in Europe could hr maybe speak out in support of r u- nr i.„. r ^.‘ ‘ f° r dealing with pay had re-
-D»i -«»- Cd ! )JC, ‘> 10 1101 °P e couia 1,0 'companies resisting high claim*. C™* 1 Worker Union still turned to the employer, as it
Second the 12-month rule on the consider themselves bound hy should.'' Companies should there-
spacing of pay settlements, which Gic 12-ninnih rule on pay fore “ stand together."
give Scotland 16 seats io the g YARROW fSHIPBUTLnERSi was hacked 'by the TUCV eon- settlements. On the other hand, both Lord
European Parliament and parit;. has obtained a £55ra. order io numic committee on Tuesday. Back Page Watkinson and Mr. Methven
with Denmark. huild four more sun port ships for should be approved both by the werc anxious to stress that they
the Tran Navy. Page 7 TUC. general council later thi- were not intending to issue in-
FasBlinsr month and by the annual Trades under profit margin commit strucimns to CBI members nor
r isiiiHg i - . . ® CHEVRON plans to increase Union Congress ir. September. when !h.\v i*mak th.- rule. Mr. trying lo control what they did.
Tli? crew, of a -Tapane?? fishing j ls x or u, s ea sta k 0 by buying The point which encouraged John Meihven. CBI •lirei.-lor- Indeed, they might go no further
boat has been ordered to try in p art of tw „ si t h ens Group oil CBI leaders most yesterday, and general. \‘\m thus able to ui-iue oft precise figures than to restate
recover a dead unidentified see discoveries. Page 27 which muted at least leraporari!;- in the council moenrg th j .l tile the CEI’s known stance that
creature. The two-ton bat-vinged ‘ " their opposition to the mild- TL'C v.«s trj-inz ro m,m- earnings should not rise by more
creaiure was caught in deep q POST OFFICE Workers' Union
water off New Zealand and. after has criticised the Carter com- -m-m ■« #
asMSMiu™ lbro ' n if Callagiiaii plea to unions
Rhodesia talks BaS°™ni ,ni Pa t i? nS ai.- SilOTtel BY RICHARD EVANS, LOBBY EDITOR
Mr. Ian Smith, the Rhodesian Comment, Page 20
Prime Minister, has told Mr. Fik
Botha, the South African Foreign ® BABYCHAM. the drink which
- . Di ,, , i ; _ iu cumin: ivuiu u>- „ r . .
pean Direct Elections Bill colling sol ,. cd on]% . hv Governments, companies resistir
for a doubling of the represen la- pai , c an rl Lex Second the 12-moi
tinn for Scotland. This would “ . spacing of pay sell
General Workers Uninn still
consider thcrosclvrs hound hy
tJic 12-mnnlh nilc on pay
scrtleincnts.
Back Page
turned lo the employer, as it
should. - ' Compajiies should there-
fore “ stand together."
On the other hand, both Lord
Watkinson and Mr. Methven
were anxious to stress that they
were not intending to issue in
nn every member of the CBI. up with settlements of 15 to 20 Moscow. Washington. .Bonn and 3 month*. j lsf-i.si <e* ■ ejo&-ej» wre-
It meant that responsibility per cent., he said. . . Paris, as well; as Dr Kurt Wald- is month* , >^&,7.16 «ik ) 7j6-7^&rii,
for dealing with pay had M re- ■ ™ — - : — ^ : ^ s
SHARE REGISTRATION
Callaghan plea to unions
BY RICHARD EVANS, LOBBY EDITOR
IX THE face of Cnnservati'-e Government in in* n< \i. Pariia- wage claims now lay with the
August, -1. «p« artificial market has been created
in the shares of some quoted
■ ■ ■ companies. Back Page
Colin Davis, musical director of " dangerous illusion. 1 ' trouble.' would*!
the Royal Opera. wmII open the COMPANIES r„i Frimr Xiniwri - in . eff- ctiyely fund , !n mee ,
vrnirfh Fodivsl fiprmanv «'»n JjUI UIC “riiDP ininiMrT S ••dm i 'lOVCiniflcn*. (?\ PfO’J? x x r l f ■- M c : n , > *
Safurfa?. Tltis will he th e "fir?t ® FA1REY pre-tax profit flipped ing? to the trade union? on Lie foreca^s of a faM in the in Ha- ^nt * ° f US ' n3
time a’ British conductor has ** i'J.27m. f£4.92m.i n the ;..- a r need for restraint were d ism if =en turn rai tf ;o ,in;l v ficurcre m il _.
aDoeared at the fpstlval. 10 March 31. after a secona-nalf with scorn h., 3lrs. Margaret I *vc notnins in the Govern- . I h;4 ' vri)ui & .
K " loss. Page 23 and Lex Thatcher. the Conservative meni > p.ist record ..r r.rc;.'nt ,D lhc extreme."
Morocco has airlifted 600 troops leader, who launched a novas rat- poheie- ;n v. ^rrant the v r »».» nf * n -' ,nt- ral, Mi
to the mining centre of Zouera i c © BRITISH SUGAR Corporation ing condemnation on the confidence " <hr a riPciareri "There cautiously op urn
in Mauritania to help protect ll plans a one-for-two rights i>-ue Government's handling of the i.* ro of .-cTifid^nei- rn iheir per ’ ' for pay se
from attacks by icft-winc at 375p to raise flS.lm. Page 22 economy- record or jn ;ri»>ir ' .-oacri v lo bc, '«t 1 '»' the
guerillas based in Algeria. Page 6 and Lex Mr. John Pjrdoc. Liberal -.tick i-. anv o.,iu.v* when’ Ihe int:r '- a > e '* was n
economic spokesman, indicated going r r, :»?h " - paitiy because *
during the debate inai there was Oyer. ns :hv den d i-g. Mr. ^ 0I ,,,a * nT *n
every likelihood r»f the 13 Liberal Caltarhun bad .-dii'ined ir? mi>nin ' - nle.
.’IPf.’ continuing to simp., re ib^ effect :n. ,t *h» fmure level r.f Parllamen
intended to maintain
ependiture.
vate sector, the Prime
v a danger that some
anxious to buy nff
uld be willing to use
meet pay demands
isins them for ravest-
* ,
U
m
.. :-j -
••
. tr**;
be weak-minded
"pros- Handling share registration your- ^ ^ We prepare and pay dividends,
par tiy selves sounds easy i n theory. In' practi ce, i£- ' rneludfngthe printing of warrants arid their
, p r “-£ 030 prove to be a time and money wasting .. . - despatch;- Each dividend payment involves
CHIEF PRICE CHANCES YESTERDAY
(Prices in pence unless otherwise Davy InLnl 22S - 3
•iac , ; dir
‘h 1 * ruimv
1 1 tn i n
it*v-?l of
indicated!
RISES
Excheq. 13pe ISSO-.-TlWi ~ V
Liplon (L.t 93= + -'i
Vinten Group W — 3^
Libanon —is — " 1 H — 3
Oakbridce 12-1 + 4
Thams Sulphur ....... 320 4- 40
Union Corp 250 4- S
FALLS
Asscd. Dairies
BarcLays Bank
Boots —
British Sugar
Brotherhood tF-> -
Clayton Dewandre -•-
Contain iR.)
Couriaulds
2S3 - 7
272 - •>
177 - -»
470 - 10
87 - S
■tS - It
208 “ fi
llfi - 10
Decca A 310 - 7
Fairey 48 — IS
GEL 195 — 7
J-iatnmcrson A 450 - 15
Hay's Wharf »;.-.» 109 - r *
Land Secs 171 - S
Llojd*: Bank 215 — 5
Majnoi &- Southerns 140 - 5
Ftaeal Electronics ... 434 — 1.J
Redfearn Nat. Glass ISO — fi
Reyrolle Pardons ... 168 — fi
Smith (\V. H,i A ... 54n — ;>j
Spear fJ. W.i 193 — 7
Sunlcy (B.l 14R — :i
Thomson Org 593 — II)
Trust Houses Forte 147 — 3
incp:a>e« was now falling. 3nd| hoaHanhP
partly because nf TUC backing! ned ° dC, lP-
for in? maintenance of the 12-
mont'n "iilc.
Parliament, Page 13
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INTERIM STATEMENTS
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rOBfe Financial Times
LOMBARD
Oil funds flow
to Germany
GOLF
BY ROGER PAUL RUGBY
BY DAI HAYWARD, IN WELLINGTON
<C U P
IMftTAu ■' III ,
Lyle wins by single hole Lions’ late thrusts bring
SANDY . LYLE, a • 19-yeaF-old adequately long amiinihk neers- 280 yards out The. match was
with an unparalleled record m Yet Lyle wag often^JhiS off over. .
amateur golf duniw the last the tee with a onaS “He had too many guns for
BY JONATHAN CARR
three yean, beat Rodney James, ^ ^ t me— hut what a marvellous
a fonner England international, into ^ Said James . afterwards,
rn the second round of the Hjh. U w>.c a fnarinaTtefl ennnmifer.
triumph in the
klXSS than three years ago an were already info^e.andon^ C^mpionship *
-OPEC fever swept West Ger- gradually phased out. Further, at Walton Heath yesterday. yards and 2Q - a
BRITISH LIONS twice on: with' intelligent line ifr tatfcH-ficuMy keeping -fheir fwt .o,'
2“ from behind to win* dour battle kilting. On the other hand lions’ what were probably the won
-OPEC fever swept West Ger- gradually ^naaea “ l "~ w " yards and 20 yarfs pfi James', warm i sun as last yart noAP AlS »S?aMSiSS.*SSta^ jSl^“So ^S2SK'25Eai2r3o^SSfS £e -oS
£many. Debate rased on whether since 1 ® 75 f , Ge ™S S teaS^ rt 1 wer who „ m ud the £J- «5 P Ki 5*J Junior AH Blacks by 19 points W\ especially in the^&ter stages of HandSg ^iso became^
~ the country would be swamped have been consistently lower result. Lyle, second seed for small ball. ■ . by saying. Over the last two ■ . A-thleMc Park: ’W Aiitng. the vame. seemed content tuBt nmMom t ions started mmn
--by an itSbw of surplus funds than those of w comparable the championship, is widely L _ lp ^ a ^ ' 4V months. 1 have learned to putt “■ WeHJDg to into tSE Thg 2SftatS«52!K C*
f-from the oil producing slates or. country except Switzerland. And regarded- as the best amateur in biehaif^ and the It j fi the whole secret of the t0 “‘ ’ r . - SonS’forwards n^neteredi^ St
:;:5ts Industry gradually come to amid' fears of a ^sellout w the British Isles. James was to bI ® baiL game. - It was gnm, unioning rugby. bnftir 10 s^^dmostpetered in
■-"be dominated oy “ the Sheikhs.” several German concent took be complimented, cm keeping the To further point ffie differ- “I have not hit a putt more The ground to vartwlly *bog t^f^thraleaa
- ingenious newspapers calculated steps to defend themwlves, for margin down to one hole. etux,3*mes played^ijftee-wood than one or two inches off Sine and rt was acretHt te both teams ^ad superior bail con- fflwctaoff JumOTsA'
: ."the number of hours it would example, restricting voting rights L vle ^ one of thG n ro fessIonal both **»«»,. whereas L'le for weeks." that they attempted to run the fjrjg* on three occa- RlS?? -NMrmSl^nfioM 18 £,
■■■take for the oil producers to to a maximum of 5.per cent per amSeufs- Half the P fieM here needed ° n ^ a four andfto-ir'on Davies had just won hh match ball as much as ttfifir did. .Kto paApiS SSS l££ti s£$££ tS
-generate enough revenue to buy shareholder. jjjZTSL ..“t Kspeenwly. But with the prospect of several commons affected the Upas. S1S ,SSJ^S. .JS mS la
‘'-■-control of German industry. The Perhaps lhev defended them- uri,„ ■ n n nn +hin<r iinnng th» _Itis not how but how many, more Jo come, I was reminded of who seemed lethargic for most, of m Snuire eontrollAd *y, a v*n m u a j
'v Economics Ministry solemnly
announced it had been assured
by Middle East States that there
■'would be no attempt to take Belgravia rather than> a stake in
n.over entire German mdustnal a German machine tool business.
- branches.
The upsurge
be easier to buy another flat Is ^ D0 tournament
Belgravia rather than- a stake In - .
a German machine tool business. The other half <
But there is a wider point Why — ."j!?*”
should OPEC invest in German P lay S 1
holes. But- he: needed the help Faulkner was using a .putter forwards -show any real form. . . ^umPeame. His ■ passing - and Wien's conversion'kve'junV
to ”eS^ShSf? rt0S | 3 P > r ^uenUy^sTv^t t?Sld ■ The TO marred ^ timing good. He featured in All Blacks a nine-foi^ lead.
fSi v youngster “fJUfihuv to say ttat he wouifl penalties and infringements. The most of the scoring movements Inspired by this lead Jnni> •■:
SS? %o f ^f- th 5 tET releree awarded 36 penalties— and his service to inside backs.All Blacks threw everyth!;".'-
sto feet°at ^2 ner be who? won^Mie F Ooen 20 Jor Lions and 16 against them, was praiseworthy, ^van ^so^they tad into trying to scranrt
Sr wire levri .2? rVimJZnShi* th 0p Mdlgan missed five aHempts at opened up chances and initiated the ball out along their ba ’
pair were level on the ISth tee. Championship. goal a n a Alan Martin one, bnt many hack moves. He also found line. Tfrev preaswi hard hnf T.iw
There, James* produced what • Peter Deeble (Alnmouth) the these 1 Were all excusable because- many openings with his kicking, kicked -out of trouble. '
may be unkindly ; called the holder moved comfortably into of the heavy, greasy state of the However, it was Junior All Tjinr^ fnrwMe thin ±o^b ^ r
amateur's reaction— a wm block the fourth round by beating ball. Many of the penalties were Blacks who had the more peue-
to the right. Where ferns, gorse John Dickenson { Hindi ey Hall) f Qr line-out infringements— a trattng back line — the. young “T 1 '
»nit NMI trannwf * r „i. hv 3 and 2 and Mike Kellev. the Jc atfll on uhM Ha 7 Came W- and ran OS I. .
businesses which are reluctant t * 0 * L - ^ e€t l 7ttl — and the ner. who won
totovest themselves, which are James « a Birmingham stock- pair were level on the ISth tee. Championship.
■ per cent stake in - the steel- if, for example, -Iran were
making arm of Krupp and f aC ed to-day with the Decision
Kuwait’s 14 per cent parti cipa- whether to take a stake in the
tion m Daimler-Benz. Reports steel-making part 1 of Krupp,
that at least one other OPEC would it act as it did in 1974 ?
state was interested in Daimler gjnpg then the company has had
the truly amateur tree.
two loss-making years and with
.x jsrst 5sss saiETsa ™ sz ^
after fftienuo^ efforis to mbve I RACING
concern (it already had 28.5 per
.cent) — acting it seemed in
defence of the pristine German-
ness of one of the most success-
ful German companies. The
• bank's chief executive, Herr
BV DOMINIC WIGAN
OUIUUCU xi! CLUJ un/ua mvv^o a« iu UlllM UliVUKU Uiuici TtwiTju.. AJ1 DU-L.
ception. Time after time Uons^ kicks or with short well-placed
backs bad their kicks charged kicks which had Lions’ defence
?-;r - .*
away from mass to specdal steel
production. And humming away
in the background Is talk of a
“ great German steel merger " in
which the least unsuccessful
Franz Heinrich Ulrich, said companies fear they may be
“that not only wotild the Passed to lump together with
Higher prizes for flat races
Neary, Windsor and Cottcuf liana were underpressure. Play * or touch and took few ehanc* ^ ^
worked hard and were frequentlyVthtorhogged down until after J5 : 1 MozgGtr scored a late pena: 1 . F .
there to take the ball from ^-minutes a penalty against Neary Then, in the last. few Seemly..
Deutsche not sell Its own hold- weaker bretiiren to ss
ings of German industrial shares I s no * most , e
to OPEC but it would refrain investment climate -
wen for Betting Levy
These recollections are profits,
prompted by the disclosures in
the Bundesbank's latest report 1VT/I
on Germany’s balance of pay- 1 la-
ments with OPEC since the oil w», w
New problems
Levy Board, has given the U.S. and Ireland, met in My own slight preference is for defence. Hoigan; fed from the scrum, carried play. -almost on to , I ;
of the £938^50 flat race Dublin on Friday for an the unbeaten Fettered Lady, who New Zealand backs had morej Bevaa drmmried, “ cut out to New Zealand line. Sqt *.
allocation to the Board’s exchange of views and: inf orma- looked* as though there was cohesion and seemed determined McGeechan and -passed op for grabbed the ball to slide ap:
orize money scheme for tion on racing In their countries, plenty of improvement left in to try to run the ball despite the! Rees to go over In the -comer, under the pbsts. Again Me nSFi
Details have also been The meeting agreed in pno- her when taking the Wren-Stakes terrible ground conditions. Theyf Thie gave Lions a four-three lead, converted to gftve Lions a '0
erSis The olcture fa hardto nnl is the climate poor? The Board’s allocation to flat best horses to have run
of sell-out From 1974 to iflTfi There important reasons pattern races to 1978 is an Britain, Fiance and Ireland,
oil S producing *counftries° tool 1°^, ba <* ^ ll before 197*74. increase of £201,000 -on the it is hoped to; tirtro.
direct stakes in West German ® ut Jhe quadrupling of separate handicaps , fer ft
industry worth a total of only ^ oU P rice “eated new SANDOWN yearc4ds and for older ha
DM1.5bn.— - the majority of that Problems as well as exposing old 2.00— Region - at the end of the year,
coming from the Krupp and weaknesses. If the initial wave 2.30 — Hatta*** The delegates revie
Daimler deals. OPEC states put rt concern in Germany after the
a further DM1 .5bn. into German oU crisis w 38 about takeovers,
securities, primarily shares and two other fears are gradually
Investment Trust Certificates, replacing it The first is that
The total flow of OPEC capital perhaps one is not thought in the
to Germany over these three long run worth taking over— at
years is put at DM12bxt or about least a blow to morale. The
4 per cent, of OPEC's disposable second is that unless the
surplus. Americans really succeed in
These figures are surprisingly reducing their dependence on
low — even bearing in mind that imported oil, then the next crisis
disclosed about the £230,000 ciple ■ on introduction :of a at Kempton- eight days ago.
allocation to jumping' pattern European Free Handicap to show In the other two-year-old event
races. the comparative ability of the here^ the Baynes Park Fillies
The Board’s allocation to flat best horses to have run in stakes, I Intend rowing m with
pattern races in 1978 is an Britain, France and' Ireland. Sheikh Mohammed's Hatth, who
increase of £201,000 *on the it is hoped to; introduce is in line for a hat-trick!
separate handicaps .’ for three- :
SANDOWN year-aids and for older horses V\ij fj-J
2.00— Region at the end of the year. vim lll«> JLlllU
2.30 — Ha tin*** The delegates , . .reviewed ; ■ ■
3.00 — Soldier Rose artificial insenunatimi and pro- • Cn tfVCPC 1 Q ^(k
. 3.35 — Fettered Lady** grass this year to r establishiag i5Rw”3 17JI/3
. 4.08 — Great Escape common standards of combatting • i
4.40— Atlantic Bridge doping and med-ieatiim M horses, [f] COlOUl*
- t.ava«k It was confiisned that! rules of
frequently^ pinned Lions back] Playets were now having dif- score otf 19 to nine.
SALEROOM
BY PAMELA JUbGr
SANDOWN
2M — Region
2^0 — Hatta"***
3.00— Soldier Rose
3^5 — Fettered Lady**
4.05— Great Escape
4.40 — Atlantic Bridge
- LANARK
2.30 — Covenanter*
4.00 — Bally Tudor
Old film find
shows 1930s
in colour
Record £§2,000 for Koran
1C
A- PARTICULARLY ' fine Koi
copied by the scribe Yaqut
racing in Britain, Fr;
Ireland were now idem
could be interpret
and A CASE of pre-war 16 mm. film I Must a 'si mi, dated the Islamic Max Kaltenmoser.
J'Seltenreich. a German dealer, for an - antique " pearl-; >
paid' £6JJOO for a painting by diamond brooch pendant A ’•
and bought at an auction by a tele- year 681 (AD : 1282) was sold
and vision news agency has been Bptheby’s yestenday for.£62J
Kant-cut diamond four-stone >;• ■
At - Sotheby's • Belgravia let bar brooch went to Musi ’
«n Arf-r- fm-'nnnnn
money will have -of supply and pnee-is already [ ^ Flat ^ pS^ing- Com- Chib, presided. Among ti ?re- b e T h?^ s ^nclude the^aid'ehj ^
.reached West Germany via third looming on the horizon. mittee there is to be a restruo- sent were Mr. R. N. RJ
countries and will not be It would deal another blow to turing' of the prize money for Watson (Britain), M. Hi
statistically attributed to the oil the alfedHy groggy European pattern races in favour of Chaudenay (France) i
producers. The question is why ? economies on which Germany’s placed horses. This will provide Nicholas Brady and %
One answer is that although exports and ultimately its live!!- a far wider spread of benefit, in Mellon (U.S.)!
German authorities took no hood greatly depend. And. almost every case, without A year ago, Biney RIi
special action to restrict inflows incidentally, it would give OPEC reducing the total taken by the Sandonm's National Sti
made £137,921, probably- the Clocks, watches and hr
highest total for a sale'of its type meters sold by the same hi
is London. The most-interesting totalled £179,609. Bobinel
price was £22,000 by Alain London gave £8.000 for a.
jffi Eiiffwm SrJLSSgff-SSk eS^iSSSrASSSiS.
K SaST.’MftS"' wng &&»._ ■». mJS .584 2» JB.J-1SLJJSBS
of foreign capital after the oil an even more,. tricky problem of I winner.
Ireland. It will come as"
crisis, some restrictive measures where to put all it* money. . The Jockey Club has disclosed prise if . this * y eat 1 parish company, who died in 1948.
for years in a depository. JJ.S4.ooo. The second highest, ^
won The collection was shot by price was by R. AttighetcW, oWJ 10
for Squadron Commander Sir James Tehran, for a Persian maimscript' by
sur- Bird, proprietor of an aircraft on paper by the scribe Shah.™ 3
• foreign collector bidding economist, fetched £3,632. J
ilephorie. - T%e item was a At Christie’s, South Kemd -
paper label tdn, English and Coutih«S&^ %
Husayn, with miniatures attri-
buted to Shah Qaslm Coinaghi Mattuntosh for W. J. tsassett- Dy Thomas amytne made £
of London gave £16,000 for a Lowke. Derogate, Northampton, (Sportsmen outside the i
Persian manuscript and M. Zi' about 1918. Inn in Winter) and -£3,40(
Irani, a Lebanese dealer to Lorf- Jewels at Christie’s fetched Horse-drawn Covered WaWa W
don, paid £8,500 for an Arabic £258,761.- An oblong diamond MHking Time by Edward Rt ”
manuscript T single-stone ring sold to an Smythe fetched £3,500.
European paintings of/ the anonymous, buyer for £15,000, A sale of mechanical n
ISth, 19th and 20th centuries and an unmounted octagonal-cut produced one of the day’s i
sold by Sotheby's fetched >6 total emerald of 3.03 carats went to intriguing prices, £6,500 fi
of £251,590. An anhoymous Moussaieff of -London for Regina Corona self-chan
buyer gave £8,200 for a/vork by £14.000. Another London dealer, 27-inch- disc musical box, •
Karel Frans Phillppejru, while Manfred Seymour, paid ’ £12,000 1900.
slephone.- The item was a At Christie’s, South Kem
:ed /clock. t! The paper label ton. English and Continl
d that a- was designed by pictures totalled £48,564. IN
Jnfcsh for W. J. Bassett- by Thomas Smythe made £
t Indicates programme in
black and while,
BBC 1
6.40 a.m. Open University (UHF 9.00 News,
only). 1.05 p.m. On the Move 1.15 9.25 The Frost Pr<
News. L30 Ragtime. 4.18 Regional 955 The Royal
News (except London). 4.20 Play Horse Show.
School (as BBC 2 1L00 an). 4.45 10.45 Play for To-d;
Asterix the GauL 5J0 We Are 12.00 Regional 1 Nm
The Champions. 5.35 Ludwig. ... . B1 ^
5.40 News. All Regions as BE
5J5 Nationwide (London and **>* following times:-
South-East only). Wales — 4 AS, pan.
620 Nationwide and Alistair. 450-
650 The Whole Universe Show.
750 Top of the Pops.
755 Max * Bygraves says “I
Wanna Tell You A Story."
850 Mr. Big.
9.00 News.
955 The Frost Programme
955 The Royal International
Horse Show.
10.45 Play for To-day.
12.00 Regional 1 News.
Universe Show. Sgrech.’ 555-650 Wales To-day.
Pops. 650-750 Heddiw. 1250 News and
Ives says “ I Weather for Wales.
You A Story." Scotland — 950 ajn. The
Wombles. 1 955 Jackanozy. 10-10
Salty. 1055-1 LOO Go USA: Sybil
rogramme. Luddington. 555-650 p-m. Report-
850 The Cuckoo Waltz.
9.00-Best- Sellers, part L
10.00 News.
1050 Best Sellers, part 2.
ILl&Man and Woman.
11,45 What the Papers Say.
12M0 Who is the Ripper?
gramme Luddington. &55-ezu pan. Keport-
International ing Scotland. 1250 News and
Weather far Scotland.
Island. 5J5 Baftar. sjo Cnwsroads.l European painting
W» BcDoit West. Report Wales. | ISth, 19th ahd 29th
SJ5 Mr. and Mrs. 7JB TUc 'RiunHUy I rnld bv Sothphv’a fptr-h
Mystery Movie; -Tbc msaptwaran™ of I “2 111 Jfle-*2S5 CD ‘ , .fL - --
Mystery Movie; "Tlje D>sapp*’arancc of „
FllgJn 412." »J0 Near Paduit. Please. ®t i,
11.45 Ttic Company Mon. • buyer
HTV Cy mm /Wales — As HTV General Karel
Servlc' except; X.2D-L25 p.m. Penawdao ~ ■■
Nevryddlon y Dyd± 4 JO Miri Maw. 4J0-
of £251,590. An an,
buyer gave £8,200 for a-
Karel Frans Phillppejn
IV i
ft n i
re
jh«A rii __ _ . - • ncHjuuiuu j ujuu. mui Mam, -wjir
Close. Country poems by ms s. rcn wtb. sjjwj* Y dim. fcjs-
/ R. S. Thomas, read by tjb Royal Wolsh s&ow wt.
Weather for Northern Ireland.
F.T. CROSSWORD PUZZLE No. 3,436
L0.45 Play for To-day. Northern Ireland — 408-120 pjn. ■ Roger Snowden. htv Wcm-m htv General service
2.00 Regional ' News. Northern Ireland News. 555-650’ All IBA Regions as London J5E“ Wesl lto- '
All iRegion, » BBC 1 except at S?™ Ar.undSix. UJ ONe wa.a^ axcapt at the tollouiag thaas:-
ie following times:— Weather for Northern Ireland. AIVOTTA SCOTTISH
■ - , _ England — 555-650 pjn. Look V^iu tc T T- a m *L35 ajn. Around thn World in Elgluy
Walesr— 4-45, pjn. Crystal Tipps (Norwich): Look Ndrth ®°21? Da > 5 tL25 n.m. News Headlines and
id Alistair. 450-5.10 Y TTeu rr Manchester Newcastle ' 50 Road aDd Wcnther Report 2J0 women
mmumesier. wewwuei, man. 5.15 Dlgglne for Yesterday. fcM - only. U0 The Lost islands, d .45 The
Midlands To-day (Birmingham): About Anglia. UO Ar.ua. 7.00 Mood Woody Woodneckcr Show. 5J5 Professor
(T T'7 i 7T'E t 1 Points West- (Bristol); South Maries. Tsa GetSone Ini am CharUe'S KibwI. SJB Crossroads: 6.00 Scotland
ULLLL rvio. J,4jO To-day (Southampton): Spotlight PhyOte- 1205 a-m. The Today. 6J0 r.araock Way. 1UL5 Laic
- ■ - Sftnfh-Wpftt rPlvmniithV Ut,m V,ord ' Call. UJB Slate Yottr Cese-Aro Trade!
APPOINTMEI
P SbilO St Y TbS ° LaSk^ Ndrth
and Alistair. 450-5.10 Y Tren (Leeds. Manchester. Newcastle);
SCOTTISH
U35 a.ro. Around the World in Eighty
Days. tU5 p-m. News Headlines and
Road and Weather Report. 2J0 Women
Only. MO The L#osi Islands, a.45 The
South-West (Plymouth).
BBC 2
Uvlng Word.
6.40 a.m. Open University.
1LOO Play School.
455 p.m. Open University.
7.00 News op 2 Headlines.
' 7.05 Having a Baby.
7 50 News on 2.
750 In Her Majesty's Service.
ATV ’ pat'
UJ5 a-m. Hbc Ramsey. XL05 Mammy
Hampstcr'r. Adventures on the HKtr
Bank. I JO pan. ATV N'pwsdesk. 5X5 1.
Happy Days. MS ATV Today, nn onl
Gardening Today. UjB Took and Co. ; 5.15
Unions Now Too Powerful? U.50 Inter-
na rliuu l Snook'.- r.
F. D/Perryman is Natiom
Coal Board finance head i
SOUTHERN
nh? P ; l 5; ? i nr, ,lc, 2™ cw !l yTT” ■ Mr - F - D. . Perryman, who has Industries 'and Moore Inter- Concord Leasing and Cor:.-
5.15 Butty Bmp' s^crSsaroadr^iTSj been a P°‘ nled direct or-gepjRra) of national B.V; companies operating Credit the U.K. operating -.7
ri.iy by Day.' 6.30 survival, iijj finance to the NATIONAL CO;\L in Europe, Africa and Australasia, panies within ihe gitoup.
BORDER
MJ0 PJB. Border No 5. 4J0 The L#s»
I'Unds. W5 Tarzan aoo Rort'-r X«#W
Southern Nows Errra. 11J5 Rtn*.
BOARD, has been deputy director-
general' for the past iwo years.
hSS lii TYMF TFFS general for the past iwo years. Mr. B. W. • Ward has be fen Professor James Blacky
1M Gas%FZ\^S* 9J5 «.»? £2hFai\S ll.-adUnrs ™ t ‘ ceedh i ™ r ' fr «• Newman, appoimed a director of FC present Professor of Pha;'
B. W. Ward
led a direct*
has be fen 'Professor
t850 Ealing Cinema: S.00 auriie'h Ansch. ujs t«& and ' gid- faitomsi hy sianirp point, uo p.m. w 'ho has retired after eight years FINANCE, the hire purchase sub- eulogy at Universily Cot’ >
Gaumpnt British News: parry, aas pohw surgeon. 11205 ub. North East nph-s .md Lookarmind. 2 M In that post. sidlary of the Co-operative Bank. London, is to join the WELLC
August 1942: 8.10 “ The Bortrr Nrws Sunnnary. ^ wopicn pair. _ 05? _ The Loa. l*Uud>. x fti r . Ward. Who is resoonsihle for RESEARCH LABORATORIES *
Goose Steps Out,” starring
-Will Hay-
955 Shirley Bassey.
10.10 Gates of Heaven.
11.10 Late News on 2.
. »r» Tr - , :• »J0 Porrl, Parly. 5.15 Tlii> Brady Bunrh.
CHAlNNEL I 4-M Norllicra Ufc. 7J» Enitnnrdatr
tl-U pjn. Channel Lunch rim?- yrws fad FarTE - 7J0 Hot Some ItiT- BJH Cflarl!c ,- s
Mr.. J.
appointed
* Mr. Ward, who is responsible for RESEARCH LABORATORIES / f
Spall has been new business development, joined director of therapeutic rescj'..
deputy
Whar's On Wh-.-rc. 033 Wildlilv Th.rjHre. Aswefc, 1U5 Dnublc Top. UJO Man I director of SHARPS PKLEY, the
«.« Tjundu-rtinis. ia.00 Chann-.-i Nuw*. and WQn,M - 12J» «n. Epitogw?. I bullion broking subsidiary of
tt.10 Bauaan. 7X0 Walking Westward:
1150 Closedown: Pauline «SL •- #* , _ , ul C. a 1
Williams reads “ Before the L ,V - ' _ lja _ p - m - !*«■
ULSTER
bullion broking subsidiary
Klcinwort Benson.
World Began
Border.
ILaS Lore American Style. »!■ ; Ajb. Hi-.idDncs. SJS Sab One.
LONDON VJS a.m. Fun Ttuns. 1JD pLm- *“S Today. 1LAS Bedtime. j
950 a-m. Summer School 1055 Ss WESTWARD^
London IV fid Wood. 10.40 Zig-zag. WoofciDda. M0 Crdmpian Today. Md 1255 pjn. nns Honey Iran Birthdays.
11.05 Rivers of Delight. 1155 The SL ■ " 1,K * Treasim" WMJwam Headime*. ojd
hy John Actoallues Pi Projections.
GRAMPIAN
Mr. D. A. 1 G. Monk has resigned
“2S Pt S'Sf- T r^ from the Board of the RIO TINTO-
ViMOQ nGWS. ■.H5 Ln&Sroafll oJQ \ rmTO r*/\YJ nAD arriAM u* t> wr
the company in 1975. but will not be a member c-
• . Board.
Mr. Andrew Morrison-Coriey, an * ■■/' ''■
assistant director Of Thompson Mr. Tom Dinning has
.fa* — ffnin j. — 7TZ — appointed director and manag !.”’.
LOUD HOan^ the J°™ r CRAVEN TASKER (NORTH? ; 1 -
Cnnn>miive Primp Minister.
•• na«
iCrMs. ZZ Want a J^nDTcan^ I CORPORATION. Mr. B. S.
ins Today. UAS Bedtime.
Walker has beep, appointed to the
Board.
*
Mr. P. L Young, group corpor-
Conservative Prime Minister,
was yesterday elected a presid-
ent of the Royal Institute of
Mr. Janies S. S. Sandys-Ri_
will become an' associated me '
International Affairs at its of CAWOOD MANN & SMT '.
Entertainers. 1250 Gammon and
Spinach. 1250 pjn. Pipkins. 1250
Treasures In Store. 1.00 News.
150 Meet Betty Bnop. 150 Quick
n G-unmnn UJJ Two. 1155 Ri-aicUto. Wildlife Th-’alrc. <k« Thmidcrtlrd's. 6.00 ale planner, has been appointed
I kSStbw rDAMArti wrfwrt m«». T* TOim wmmm a director of READY MIXED
■ GRAIN A DA i •'■I*- of LanhL-riH ID M. MawiUQ) UO CONCRETE
on the Draw. 250 Good Afternoon. HS RJ?* ls X? ar Rwat. Tatum.'
M45 sum. Si-Mroc birort iiu Ret Some In! UJ1 WvMward Late Newi.
WinotsB With WIDtip. Uja tomfnol«- 1MS Lavr American Siitu.
J95 Rarlnp "from SanHnun' P-iriT 5 - 10 Thrt Is Your RJeht. 505 Croiwnedfc \ ORJK. SHIRE I Mr.
450 The 'rim? Tunnel 51? ^ ^ ' W-JSFi J** 5M! been
CONCRETE.
tk
MORE OTERRALL GROUP.
Mr. Russell Gore-Andrews has
450 The Time Tunnel.
Shadows.
INifiW^Sfa _
ACROSS 7 Wood used in tribal sacrifice s.00 Mavis.
1 Mend round stone (6) (5) , . , 655 Crossroads.
4 Am I to send a telegram to 8 English flower for a festival 7.00 Get Some In! «
be friendly? (8) (6) ' 750 Charlie’s Angels. c
10 Seen returning and eats 9 A solitary typ« of crab (6) - - .... — —
inside in penury (9) 14 One politician or board may nimn « 947™ r
U Mountains and where to find be brought into the country I
them (5) (JO) . . .... ... us ^n. as rkso 2. 7 a? Nurt l
12 Enjoy the match (4) - 17 An announcement about the EdnwmK vao Tnay BbcKbora. un 1,
13 Oriental chap caught one balance -(9) P^oi Burnett indudicg izjt pjb. Non-
head tree (10) 18 Objected to being posted jn JgJ-, ^ Da ^ L*®' g” «
15 Shoe cleaner could be a a rush (8) . sjn r \swtoe«. im p** ud Com (Joins n
„ weakling (7) 20 Taking pots from potent £»«}£ 2 V,Jft?* Joha **«* ' s i ,a t° 03 -2
16 Copper going to trial is most wines could make one weave VHP> - x2JB ' li05 tja - ** itaAu> ~
cunning (6) (7) RADIO 2 and VHP w
19 Not cooked and could be 21 slipshod and sly about work loo an. News soamary. an co!m £
ruined (8) W J«, nennv (6) Berry *SI todudUM U5 Pause for S:
21 j£ok »t side indicated tor a B .a^^TLct mominj die- JS^ BSSX^S^ 2
23 Without recognition of „ ^ ed m S ‘ ^
achievement but in a state of M p 1 / 1 ^^king verude arae Wak _ uj# Bar Moore ts>. uo *m.
animation (10) left (5) . ^5 Good Lhtcdn* (vai- i. |
25 He joins soldiers in this place 26 Charge which is about nght '
(4) for .release W scotlatsdi. ia asd ic snorts D«*. ,
27 Cancel the wash (5) * tn p—^, •> sas wans wcty walk. <lc sports &?ik. *■
expressing action In the past
be brought uno tne country {SJ , bnMasL "• Einnt» ti» m m sorry I Huvrt't a bcen appointed a director, and Electric Africa (Pty) and m/V
(JO) fcBB in tflil ««*«*^* ^ctesira. sart 1 igj- CUw. j^s satvivaL ajo jt*n EMnii Hv will also conTimieto represent cenprajmamjper of CHINESE Jng director of Hawker Sid 1 ^
17 An announcement about the -r^Sr ?,”£! HJ WS Concert, sut i in. vim u» BBC Sound .\rchivm. 0.4S More OTcrrall an the Board of tt^JSlrATTfvvAi imnvRWDrr Xfrir* K fm,7\ ■* : •-
17 An annomiwBiwuv aouui “ s EdawM*!. ire T «r Bbdfcnre. VM IM Sones and Plano Quarter*, paritl AnalrJ-;: tbo Rl Rnn. Mn. Shirty British Poster; « wNpERWRIT- Afrira (SviiTcngear) (Ply.)./ • i . t
balance <9) P** Buroctt irxpdxa ujo OJa . No«- w. sjs whit the p=uwr. said P %ife wiiium* sip. m mSs ti “ r,t,stl rosiers - ERS. This foUows the recifat J. A. Barnett, who pr«vi*-\ •
18 Objected to being posted 4° Shf. aif a Su Saraiitoa iSi iHh n ihe Bade IJS Concrn. pfn usodMimpD. 9J» Wrathcr. un Thi- „ ■ , ^ . acquldtion of Thompson Graham held these positions, has rtfvL 1 "
/ON YSfb, ...5"_ a *_PJ“ T - OK! tadmiias - »*>. SJB BBC Scain-h sinphnur Wnrid Tnniciif nw. ujg * nv Mr. Paul F. H. Daubncy has hv a cT.k«:W; w h, Mr C
a rash (8)
5, p niiriui c.n J ac
• la Harris Show. XL1S What The Par»re
UJ5 Man and Woman. i?no F
Surstoa.
. — ;r t .~rv ‘ w urm illlJJOinlCd |ii»u kiiivi
C aich Kanrti-. U4S ThtindiTblrds. 11JU r«,.«ilivn Sir Rorv Mnrr>
Ui? Sffar..- Kid. 1J0 nan. Calendar
News, 4J® The Sooty show'' us TV O’Ferrall, chairman and founder
UtHc Rouao on flu? Prairie iJK Calendar of . the company. Mr. Gore-
Y » ' I . r uimv nans'? an uu? rrainc. ug calendar nr . uwr conipi|iij'. uuie-
HI V i Em icy aioor -and Bclmrim i-diiumsi. Andrew's joined the Board in 1975
iJOpju. Report wen Hr ad line a. %3S ran Em me rd ale Farm. 7 JO Cn Some « marketing and sales director.
R^BOrt Waits Headlines, un women m: uo Oarllr'B Angeb. 1L05 police ™ nf ,“® a rtlrnitiir rtf
Oidy. 45B One Club, ce The us sorscon. He corjunuos as a director Of
annual meeting.
He takes the place of the
Earl of Avon, who died in
January- The other' two presid-
ents are Lord Noel-Baker and
Mr. Jo Grlmond, the Liberal
MP.
New council members
elected jre're: Mr. David Astor;
Mr. Peter Blaker, Conservative
RIP for Bladtpool South:
Baroness Elies; Mr. M. H.
Fishery editor of the Financial
Times; and Lord Shackleton.
stockbrokers, from July 2.
their' Harrogate office. '*
* .* L.
Mr. Nicholas R. Finney has j i. *■
appoinred industrial rela'^'J": :'
director of the DAIRY- TF-^ r '- -.
FEDER;VTION. v.
*
HAWKER SIDDELEA' GR^iT^
Mr. N. C. Dick has been appo^y-.-
sales director of CronVj, -
Electrfcars. He joined the ./ c . s ' ' •
party in 1976 as sales mai'V
as marueung ana sates Director. * «“'*i -- “« « h wmv i m ' > .-
He continues as a director of Times; and Lord Shackleton. J™ 131 ^ f
rfra^nYUS 0 ^? q SfcmTSrSrto charge of &SS
AH cS nt ^r> 3 n IrSf-itpIf’Vom 0 !?-. rfv lhcir S®** Kon « operations, has director of Hawker SMT-,. V
247m redliri (SI. JU» ShnsuJcovfal M0 Brain of Britain. 7M News- 74B
• •’ i rar
Vi
v vuv
1 SV-
rST V °F ! racudlas - »s>. MS BBC ScaitMl SjnipfeW Wnrtd Tnulclrt? Nw=. IfJQ
, ,toiP3 nrc , ! ?7 J TS ’ E 2i J*** Clar,Wf! ar ''l P1WW llj» A Bonk ar RcdUinr,
Anv Mf. Paul F. H. Daubney has by a wholly-owned subsidiary hi Mr. Seabrooke has hold a • •
' JHl IDC London of Jardtoe. Matheson and her of appointment* m the # V
iiu 2i« ^ Vui™. industrial sites,
dodtns London News Dn.k. 6.10 Look *
Sop. Listen i«_ Mondari. 7J0 Jrnnr 'Mr- W. R. HaV!
Ala stair. Tom kin and Mr. Alan who has become financial dlr ,; j ; ■
Tang have also become directors of R. A. Lister Agriculture. jr.V'''
‘ f>*-
'■***'
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^
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Solution to Pmzk: No. 3,435
(9)
29 Soft sheep died, being
affected by fungus (S)
30 Write thanks to daughter for
five days 16)
DOWN
1 Study clue about 500 and
finish (S)
2 Analyse the collapse and cry
(9)
3 Left gas in a den (4)
5 Mother and- child in charge
of the lodge (7)
$ Driver has to applaud about
a demonstration (10)
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uo John Dunn <s> Jnc!«uiii» Ss Somu Sew. 7 4e tmH London BtOadcasUllff BrnKro* 4 "^OUAlEsCT TnnlwS n wSs eti 25*SJIS5 er, nif Ir * A^hle Clayton, co-ordi\\j ;
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Mr. Antony M Oupman. Group, have also joiflCtf'A%
i Zr^
i m« w _,k_ , _ 7* J iS WI u. AhenWisu Theatre. )JI Sron mil: his Thr
L,** “fe, SVftl; I- 00 7JS J* MwOo^Pfcdsdy. uabdirs 9» ThnU. 7 JO Laud™ Toda?.
i* Spvs U «JS Slonr TUnc. SJ0 r4! law's Oflcn Uhl-. SJ0 Nh
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m£ 2££- S, ‘ jrop'auma im inpMg-n New*. IM*. LOO in, ba'SAild
Hemrmiaa Aanu (Sit UU0 G-rail i,« Nrm tndnAiEs Ytaaoeal nesmc. Yhsht.
Lemson been appointed -secretary of member-
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■W-C- : " . jj**w**
n r v * -> ;■ . *“*•* & * ■*
-a:.- , •
^•TiT
iate
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h in
'^iaes SI . 1&T7
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|C®Kseuffl
King’s Head
the Ji 1H
" I ■■; ■ . -TV l- -^-r* v- 1
■ ; V • VS- W *‘ - :
Sv-
Other Dances Da
by B. A. YOUNG
r Poizes Progress. In lie
js production by John Cox.
oed by David Hockney, con-
d by Bernard Haitink,
ns to complete the present
leboume Festival It comes
season which also includes
jfiotwna and Strauss’s Die
zigsame Frau, operas which
de parallels to Stravinsky's
and to the Auden-Kaliman
to fless strongly of coarse
e ease of Strauss), though
pd eye are so fuHy occupied
! ew will want or remember
plore the likenesses.
staging remains
■ rt, with some scenes
war Goose’s brothel, the
nation of Baba the Turk
le Tom’s London house, and
uctioul which are virtuoso
i of production and design
st which all future attempts
danger of being measured,
rond view of the Hockney
is reveals much detail that
diy stops just short of an
"ation that would distract
the muac. while the use of
ry colours softened by
B AM * T r. ■■■ ■ ' by CLEMENT CRISP
by -RONALD CRICHTON „
~ ' ^ nPr ^ anccs really needs at which — despite Makarova's in-
frwxVutNimn (on cofttumpi « ' '• - ' . . . 0 Gn ^crino added to its title tensely focused performance as
human types, was realised below Glyndchoume’s normal to proved SJ °. JC LV" Caroline— the seent of lilacs bas
-■-v— •
weUasscene^^S^^^PPi'T with rare penetration. standard, the scene was “stolen 0uj ' U, ,‘ mennncau0Q - depVned li is" not a
S? ZZJF&u *Sn?JS£ s?* ty.qr «■*»•£!• Lni * Bbbi “ « W «*»*«■ **
Prov.d,. identification. A™ 1 “ r H
ot a ballet for
Made for the
xney were more uioronm^snowea curlier in the tms performance at least slignuy aZV.- arm ne >’ presw ! Tues- encroach enough into the
briefly, in one-act works; Hock, season, the voice has gained in disappointing. As ever her sins' 5 Performance with Ameri- dances, and the sharply
nqr’s doth conies down -nine o r volume but it is still not resi- ing was Huent and musical, bat ^“ n Ballet Theatre showed anguished glances, the des-
10 tinea dflring tte evening. . hent enough for this role. After about Miss Lott’s tone-colour “Jt this is yet another fine peratelv outstretched arms, are
Once again Haitink and the a moat promising " Love, too there was something English » Dursi . °* Robbins* invention. An lost between dancers, let alone
London Pbilhannomc give * frequently betrayed “ there was the wrong way. opening mazurka finds the twin between dancers and audience.
a touch of impeding hoarseness. Anne is not concerned in tfc* aIm °st dreaming their There was also some lack of
Mr. Goekes mobile features. - tanterloo - chorus which ends tnrQ “Sh the steps, floating weight in the ABT artists’ play-
Reviews are on a ' U "^ sood at expressiDe «v. &*»»}.<... tair soaring, haonv together, in a smi nn pTipimrseement to
Page 30
most polished, account of rh. k* found ^ 1 B T0
music. There were one 0r i ttQ “
BS.WS -1 ttejmsiS * 5 s®=k- Bi«as»
presence or incisive-
magM. aheen. glint and - ■ siujjer. iao.ing ::r«- ,7”-..*-- rr. L
unc anny preciswn of a luxuri<
musical box- .?“* the dUa,,| y scene through io the chilling would surely have wTitren
wa<Mn wSSSrinskiVart If The Rakewell was at his auctioneer into 4he ,u ure nieioay. Deiore mae ur se ««« — «
SSJS ¥ S&S?S5 oalV ?«?£ 5?3 Persuasive here, but ensemble. A few seats are (og she sails off stage in a broad, bras, a big, serene style and a
parody ^oMs^novoQiy ini 0 shadow must make the running were ibe day before yesterday*} ecstatic jump creamy ease for the most search-
musical styles, but beyond them -the lighting being at this point available for Augusts and 5. § There follows a daring and Sgdemaods (and one of. the
lovely idea from . Robbins; most gentle and sensitive
genius are one. Then comes Nikiya, and revealed herself
a wait? for Makarova, her arms as a classical dancer of very
dnitins. the incomparable torso Impressive qualities. An amph-
bendioa jo the melody, before tude of gesture and port de
Erin Geragfity and Earn on Kelly
Leonard Burt
t(> 2 .
m*.:
m f
£ I fc
t:, I.
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P'S'#'- :■
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ST>
SSEiffSfe fj; s l °l !TB%£M42rAJSi BS-tOhto. Charlie’s first „rt (Erit
oet — and then repeated, slightly • that here is a distinguished and JSSSSi 1
olish djnee attitudes. Finallv merry delight— and a virtuoso J i WI “ M ? ry laie 0f ‘^‘asspooi, ana st
ad more daring still the hab in the Tbarpian maimer: quick a P red ominmt^ Imh cast. robs her of romance. There Is at
lowed s - ulohides mazurka, but’ as winking to Catch a bowler - .. ls ® coovenbonallj made uncharacteristic moment whet
here refiffiSd T a Pollsh StTdide lnS a step. sS ^VT!2&“ili eC %r£2 T¥ r ' ? ni H Wi ¥*
court dance for both artists, the piece is Barishnikov’s. and 52,“®.* worse Jor that. When she has been bought a dnnk a 1
Wonderful to see that complete bis opening solo in the first ha r lie returns from his fathers the Royal Marine Hotel (thi
I^ninqrad und^d ne S how rnwraert of the Ha ^ funeral to the house where he scene is Dublin) turns he.
to treat national dance in a symphony is a marvel of move- bv^hr P ficnw<f hb5°mlnfnr^ 1 rmf husband white with unexpected
ballet: not folksy, buV arist£ Sent taken to its illogical con- Sresuo^ere^rebS^ and ,«?"■ 3 resur « enc<
era he. and filled with national dnsion — a pirouette in which i, J es w^Trere we his Da, and of an old affair.
fe ™ ur - the head or an arm leads him emoioJlr^H hf« firvt^iri Charlie himself, kept carefullj
The other novelty of the even- off balance— and a compendium hS?«?ir er * .» an ’ i. neutral despite his central posi-
lng was Jardin aux Lilas, from of tensions of different kinds. tion in the Plol is played as an
2 S**2f n the S’ th 5 y reconstruct adult by Tony j^yjg fightins
« M . Knirhnla f* tlo ^ anxiously to exorcise his insis-
Cottesloe . tt « pr «“M n d ® y ; tent memories, and as a boy by
necessar ly In chronological Mil<e McCabe: and there is a
SSt; If J thl lJ° u ° ds , unad ^ n - delicious sketch by Kevin Moore
m TTt ^ . ?«»“* “ d sentimental so it is; of young Charlie's frieod Otiver.
Q Cl bu -* Mr ‘ L ? onard ls no ordmary whose elocution lessons and Dale
JL-fCtO L wnter. Carnegie course have left him
Da, delightfully played by no social graces beyond a shv
Eamon Kelly, is an enchanting “Ah. now' " to almost every-
i . . ‘ . . • ’ man, a simple, kindly, ignorant thing.
Jojcean stream of conscious: of growmg up among the whelk ma n who worked 54 years as a
ness. Chaucerian ribaldry, em- stalls and warehouses. gardener for a rich family and „ . _ „ , . .
man is )
i finanti
. -ei - •
' ■ P>‘-
^ -
i ■
I:* ■ *-
if -7. -,>*•
' » : -
! In
■■ A-
V ;
gVl^V- f*r
•raff*
® S:’
W. ^ ! --
: v-
*' ’ ..j, ^ Goeke and chorus , -y\,
'• ,T' '• f i'.'i ’ " ' s **
wd review ' J '• ;• V"‘.' V ‘-V •
More or less Slav
‘by DAVID’ MURRAY . |
Balakirev’s St Petersburg was Golders Green) is no less per- and elevated. It shares a record
iMrev: Symphony No. 1. less defensively provincial than sonaJ than his friend Rakhmani- with a more -exciting discovery,
laninov: Caprice Bohesnien. Moscow,.- and so less fearful of nov's. and his current revival Janaeek's 1897 cantata- Amarus
' ny Svetianov and the USSR departing .from Western artistic is deserved. It takes longer to (contemporary with Jenufaj.
Li airy. HMV Melodaya ASD models^ The picture of Balakirev come to terms with his pDly- Three soloists (among them an:
|£3JiO. - as a self-taught- folklorist is' mis- chrome melody, but it develops especially promising .'.- Janacek I
ildrev: Piano Concerto ep. leacQng: his practical musical with unyielding assurance, tenor) and -chorus recount the
Mner: Piano Concerto no: 1 grounding was thorough, as .the Rakhmaninov’s own Third Con- symbolic tale of, an erotically ,
bnkov, Alexander Dmitriev conservative elegance of. Us certo is given' a fairly electric deprived' monk, in sober but
i e Moscow Radio Symphony, piano-writing shows. . What account in a new performance keenly felt music, which dis-
■’Jfeiodiya ASD 3339. £3 Ad. Balakirev resisted " was the by Lazar Berman and Claudio closes the mature composer in
' imaninov: Piano Concerto Austro-Gferman notion of “ sym- Abbado. overtly and nervily every phrase. Lovers of Janacek
Lazar Berman. Clan din* phonic developmenL” which- he personal just as the score may equally welcome a bright
o and the London Svm- bought mere note-spinning: had demands. . new performance ; 'of . Mkzdi
r Orchestra. CBS 765A7 B °t Chopin and Liszt found. less Like the Moscow school (“Youth”), the quirky and irre-
■ . ‘ routined ways of composing? (Chaikovsky. Rakhmaninov, the astible wind quintet he wrote
umoiMiri- CvnmhnnT# lon S gestation of his “ sym- young Skiyabin). PoUsh music a t the -age of -70, which thP
lanowsia. oympnorue Lon- ■ * fiiterpri national sentiment vinnns wind Sniniete «
t . . , , man, a simple, sinaiy, lgnoranx thing.
Jojcean stream of conscious: of growmg up among the whelk ma n who worked 54 years as a
ness. Chaucerian ribaldry, em- staUs and warehouses. gardener for a rich family and „ , _ . . ,
phatic Cockney vernacular, Th® Bare was delighted with his pension K.0Y3.I Ballet in the
sentirnenta'l music hall , covei ? d S of ten shillings a week because
®emori H ro „gb tumble at To?"\ ta'iTp.c. b| {feTdo'Sta.S Vy'lZ' b ’ g t0f> ’ Jf5SUS
e outhend Kursaal, the^taut the actors’ skills the way a, solid reveres the aristocracy and is in GreCI) Cambridge
aggression of a latter-day Polly musical line is investigated and awe of Mr. Drumm, a local v ^ dIUUIlu o e
i?«. a d * B S?’. menswear shop, a stretched by a group of virtuoso solicitor’s cleric, he values his The Royal Opera House Covent
fantastic ride on a- large motor- Jazx musicians, supported by independence so highly that in Garden, in association with Mid-
ejeje. jiving at the Old Lyceum, evocative lighting and the bis widowed old age he saves land Bank. City of Cambridge
Oedipal bawdy while watching plaintively, apt piano accompani- the money Charlie sends him Eastern Arts Association and the
Anna Neagle in Spring in Park ment of Neil Hansford, the com- from England (product of some Cambridge Hoteliers will
Lane lust for a piece of u classy P»ny display a Jonsonian relish, .unspecified prosperity) so that present Sadler's Wells Royal
snatch oh the 38 bus. Dad be- for language as well as a sure he can leave it to him in his will. Ballet in a three-week season :
hind Mosley at Gardner’s Corner: physical ability. .-.The characters surrounding from Monday August 15 in the-
these, randomly selected elements Dad (Matthew Scorfield) . and him create a mad, happy, private “ big top " on Jesus Green, Cam-
from East give an idea of the Mum (Trevor Jones) '.inject world. Mother (Mary Chester) bridge, as part of the Silver^
sho w s ri ch and generous variety.' raucous energy Into a relation- is as simple and -kindly as her Jubilee celebrations
Sthveti-Bhrkbffs production oTship owing as much to Alf husband, -though without the The use of file tent in Cam-
ms ^owq script for the London Garnett as to Andy Capp. While leprechaun quality. Drumm bridge enables the; Company to
Theatre 'Group is an absolute Anna Nygh offers an astonishing (Vass Anderson) is fascinating, visit the city for the first tune 1
bumdingdt a pulsating collage ama l ga m of blatant seductress, a pedant who has cflosen to since 1967 when nine ballets will
of Best End myths and manners vulnerable whore and desirable make no friends who do not live be presented.
repine witKVvivaciQus detail of goddess. It all amounts to a up to bis standards, and who On Friday August 26 there will
life to Commercial Road where crude, rude and unforgettable consequently has no friends, be the first performance by
I^s (Barry Ptolbps) and Mike evening of rumbustious high The- play consists of small Sadler’s Wells Royal Ballet of
(Steven Berkoff) paint' an in- spirits and poetic magic episodes, touchingly and often Concerto Barocco by George
flated \ and affectionate picture , MICHAEL COVENEY comically written. Young Balanchine.
The Entertainment
Guide is on Page 34
" r nrT fin wf nn A rr^’ ~ filtered national sentiment Vienna Wind Soloists play as
. through Western models, cleanly and sharply as they do
and toe Polish The Entertainment Szymanowski is particularly well Tbert, early Ligeti and one of
tt i ° represented by a new record Hindemith’s few immediate!'’
47 y j-V 7 ? atOW1Ce ' UmCOrn - Guide is OU Page 34 , which Offers his Syraphonie Con- engaging pieces, the Kleme Kavl
"f: . - . — - . certante— a niano concerto ip all mj>rmwdb on *?4 no i
- -^rus. Siik : UrKier "“‘-but name-together with early, - P ‘ •
f 1 ^ 6 ' phonic” works testifies to the' derivative* piano pieces and two .Late 19th- century .. French
. =* ^strava Janacek Phil- seriousness of bis endeavour to late, vividly striking Mazurkas, music, languishing in an essen-,
uc urenestra, with soloists build "large pieces without Feticja Blumental displays an tially fake symphonic tradition.
- ?rus - Supraphon 1 12 1678. recourse to the methods of -Haydn : idiomatic grasp of the music was famously revivified by the I
• t-. ' and Brahms- : with great panache. The main importantidn of products of the,
1 And his exhilarating First work has the visionary intensity Ba>lakirev school. (Debussy and
mn : wind music. Vienna symphony u a formal marvel: of Szymanowski's best . music. Ravel knew their Mussorgsky.
- Aoe of. Ipamond* 0 tnne scarcely anything to the and its finale has an orgiastic Balakirev and Borodin much
. t" 60 ' Beethoven tradition, its construe- abandon which, many another better than most of ns now.i
S’. La Pen. Roussel; t j on jg brilliantly taut ■' and composer has striven vainly to One of the happiest results of
. sny no. 3. Kerre Boulez natural -seemius belying toe 33 capture. the influence was toe tone-poem
_ * New York Philharmonic years it took Balakirev to finish Josef Suk's Under file Apple La P&ri by Paul Dukas, which
Bi». £3.49. . it If the new Svetlanov per- Tree,. “scenes" drawn from his at last enjoys a performance nr
: — form an ce misses the occasional music for a play by Julius Zeyer, the requisite sumptuousness and
ie Russian “Five,". Mily point made in the fine', old is in a homelier national vein— drive by ; Pierre Boulez. The
svitch Balakirev is only a Beecham recording, it gains by Czech this time— though • the record is completed . by a most
otter known in the West the passionate energy of the. Hymn to the Creator in Its final lucid and vital reading of
16s ar Cui; and yet the Russian string section and by its section is surprisingly powerful Roussel's Third Symphony,
y Handful" was in the modern sound. ’ Svetlanovna fill-- ,
, ace Balakirev’s fist This up. Rakbmaninov’s early Coprice* u ^ - T | (A9 | VA
nt bear saw himself, quite Boh^mieit, shows the rival 1 Mas- flBinpSEOaO l ileasre viuo
■as GUnka’s heir; . deter- cbvite school in a dull flight— . '
- that Russian music should sub-fuse Chaikovsky, and' very A "t * _ _ *15 I lr. tl i T T
**m, ’he directed his loosely strung. BalaWs ■ A hi Q0 1 I C HQ IT V
, sas much to chivvying Second Symphony still awaits a I 1 . U w-L L V
, ‘iposer-disciples as to com- recording: it is a frustrating gap. . •' ■ • : ,
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Schmidt denies
t.
detente conflict
with Giscard
Russia
moves to
counter
Cruise
most
poor m
BY GUY DE JGW.QUlftB, COMMON MARKET CORRESPONDENT
BRUSSELS, July 20.
^ ft.
SY JONATHAN CARR
BONN, J^iy 20.
;! CHANCELLOR Helmut .Schmidt which the Carter administration ^ ^ Cruise mis-
t has returned from talks with has sought to emphasise human .. inielllmipp
' President' Giscard d'Estaing of rights, fearing that this would *“* ™ iMefflgBnce
i ; France saying their two countries jeopardise their own bilateral sturces sam toaay.
( agree on their detente strategy efforts for detente. The towers, which-, the
!i Eastern block and will The officials, who accompanied sources said were hundreds of
UM..V aftAP Herr Schmidt to Washington, feet high, are believed to be
topped with the most modem
COUnier MORE PEOPLE in Jtrfiytn ffr-m unease in both P’ranbe'and Italy, welfare 'State has got out of hand'! But TMtam as a whole The poll's findings tend to grr B
wtftut-va . in any other EEC’; country he- More -fl,an a Quarter of the and that there - should be greater emerges as a poor country by .the’ lie to the conception,
. « Hove that the poor are French and almost half the emphasis' on self-reliance. fcompaifson with its EEC part- popular in some quarters of
I 1*1 11 CP for their own plight Italian? polled say that they are In. the U.K. 43 per cent of ners, though ■ still a relatively Britain as a society which
Vyl UlOV public authorities are dSn* tno dissatisfied their Uvesand the sample believe that poverty ^nap one to live in. Measured attaches greater Importance to-
much to relieve tiovextv^Mnivi la Y the .blame principally on is caused by laziness and Lack of '4n European units or account; nnquantiflahle values such as
BRUSSELS, July 20. mg to a year-lrag' *5*^ of sodal . willpower, compared to only IO-w^jA . .j-pfl ec t real currency freedom of speech and protec-
the SOVIET UNION is build' public opinion in the CoSSnnmtv But ndthet oountiy are so per cent in the Community as a^taiaes, fa me dian household in- tton of civffl rights than to
Ine hleh towers near its bor- sponsored by theEufopein Com- I* 0 ]? 1 * M pe«musnc whol£ while MpercenL- bell eve ^ ome . of , £252 a mon th Is- the measurable' achievements like
iniSsion. ' "TV®'- abotit the:fnture us ae Oiffi*.- thatBrftish authorities are dotag- ;thlnl lOTMSt ^ Community economic growth, low Inflation, ■
dere in a move apparently . - _ While more people in the Nether- too- much to combat poverty. fess-thau half that in Den- maintenance of law and order - '
linked to the future develop- lands ^ Iheir lot Judged by then- awarenp of Germany. and a strong national defence
ment of the UB. Cruise mis- w , P ara ”®«callv .that though than anywhere else except Den- the existence of poverty and, , . . ■ - ■ T . . ■ -
fiile. NATO inteUisence near \ y J 01 **'? 1 ?* of British mark, fully a third expect life to their - willingness to do some-f, - Measured In terms of what Judged according to these.-
a Lit?'} ivAiU UliWiJftvflCC DODUl&tlim iSGI .Mindvflfnml «n ihawa iwm* «mvi linn 4-hin#r iKniif «t fino Drt+ic^ 1 nihriAir finil nAfti q 11 v htrW in AS InncalTf utcnrtnl Arltono ifi no*
BRUSSELS, July 20.
THE SOVIET UNION is build-
ing high towers near its bor
dere In a move apparently
linked to the future develop-
; population feel constrained to get worse over the nest Jive thing about it, the British .men^y yjll actually buy [in each loosely assorted criteria, 48 per
pers P^ ^P&iding years and beyond. - emerge as the most cynical of- country,: however, the' picture cent, of people in Great Britain'
cur down on personal spending years and beyond. - emerge as the most cynical of- country,: however, the picture cent, of people in Great Britain
a t\ eas t three- The findings srbout Britain, peoples in the EEC, with 27 per is;e«nsia$r*bly less bleak. Us“2- wera classified as “materialists”
quarters dalm. by and w e -to be though basedtike the rest of the - cent of them professing not to consumer purchasing -. power- . pvr _, . ■ ,
happy and - satisfied -:w4tih-4tiAir M i>ar« ahmit »h« nnnr *t thn nthiir -naritree ■oa « rardstiet the sui> ® proportion exceeded only .in.
way of life.
the discussions between the two American style moderate,
i held last msbt near Stras- Herr Schmidt is likely to have
• *!££ passed on this impression to the
' French leader in the cdurse of
aa^gyent, of, Jlminy their three hours of talks, which
By contrast the ’sarvey' en
their survey-' on scientific, question- care about the poor. At the other parities as a yardstick, the sut> * proporuon wnweaeu omy.in.
uaires sent out more than a end of a somewhat arbitrary yey finds, that Britirii household Gennany and ftortheiTJ IreJanfl.
en- may -be expected to scale, devised by- the. .survey’s income: is the fourth highest in Only 4 per cent of the British
radar ■ systems the ' Soviet titled The ' Perception of confirm Mrs. Margaret Thatcher- authors,. France and Italy are the 'EEC, exceeded only by Den- population emerged as “post*.
Union can make. Poverty £n Europe”!!^ si?- in her view that a good part of found to have the largest per- maik,'Mhe Netherlands and materialists/^compared with IB
nificant undercurrents ;of social the electorate believes that the rentage irf ■? militants/’ ** * "
Carter’s detente policy.
gu - „ u - c«i,— Ttr ,_ also covered other aspects of [. BUl 1UUA UUIfU ■ jlOlt Ulfl-
Herr East-West relations, * nuclear tance to the horizon and thus
Union can make.
“ The radar devices, from
their position on the towers,
can ‘look down' a great dis-
Germany.
. . per rent in France.
r,,!,.,. r _ _ :,u *_ -Wash ICMUUWi . uuucdr
» A “<* «» ,xoB ° ia > c out
disagreements between him and ir- . . .... ' .
President Carter on detente had The two sides said they wanted
been exaggerated. President Gis- still closer co-operatio n be tween
card was describing the U.S. them. As a practical symbol of
leader’s human rights campaign this, a direct Telex line will be
as ill-conceived and dangerous, installed between the Bonn
German officials insist nonethe- Chancellery and the Elysee
less that the differences are of Further.
style rather than substance. Herr Mujipter RaymondBarre will be
S chmi dt is in full agreement with B^Ing * special trip to Bonn m
President Carter on. for example, August ,•
the aims to be followed at the Before his meeting with
Belgrade folfcw-np conference on President Giscard, Herr Schmidt
European security. This applies also- telephoned the British
to the human rights issue too. Prime Minister, Mr. Jim
pick up any incoming low-
-flying Cruise,” said one source.
News of the Soviet towers
comes three weeks- after Presi-
dent Jimmy Carter decided to
cancel the B-l strategic bom-
ber in favour of the Cruise
Demirel preparing Cabinet
BYMETTN MUNIR
ANKARA, July 20.
her in favour of the Cruise MR. SULEYMAN DEMIREL, the Mr. - Demirel’s Justice Party the new Coalition to have a hard
missile, which skims ■ the Turkish Prime Minister -.-desig- f JP>. which has 189 seats in the time; . In Parliament it will
earth’s contours en route to lls nate,* to-day visited President 450-member National -"Assembly, encounter stiff opposition from
target. _ Fahri Kor utu r k and reported will have 17 of the 30 Cabinet Mr. Ecervifs Republic' 1 People's
The sources said the Soviet ’ success in forming a Government seats, including that of the Prime Party (RPP). This has 214 seats
programme to build the Mr. Demiral’s Government, his Minister. Prof. Necmettin in the National Assembly and an
towers was already under way fifth, is a coalition of three right Erbakan’s pro-lslamic Salvation absolute inajority in the Senate,
at- the time of the President’s parties and,' with;- the Party (NSP>; with 24'seatsi has which has delaying powers that
deciidbn. It must, therefore, be exclusion of a fourth small party, been- allocated .eight ' Cabinet the RPP will undoubtedly try to
Coalition in France
agrees poll code
BY DAVID CURRY
PARIS, July 20.
i me unman ngnis issue too. rnme minister, inx. uun for nse aeainst either is a reblica of the alliance which seats. Mr. Alparslan Torkes’s exploit The tire also nas an *1*??'* . ntn *
However, neither Herr Schmidt Callaghan, for about half an hour lh Cruise, both of was in power before the June ultra ■ right wing Nationalist overall majority in the~ joint By and large, the pact followB right-wing approach of M.
it- .k vs— — hi P uie j>-x or me ortuse, wui w T.-.,. , J* * thp linM nmnnsprt'hv M_ .T»rrm«>js (Thlrar.
nor the French President have to brief him on his visit to
supported the overt manner in Canada, the U.S. and Iceland.
Spanish jail riots spread
BY ROGER MATTHEWS
MADRID, July 20.
RIOTING SPREAD to more than 500 prisoners were still
Spanish jails to-day in the wake holding -out on the roof of
of the disturbances at Madrid's Carabanchel. The authorities
Carabanchel Prison, where at have now permitted lawyers to
least 30 men have been injured act as negotiators.
Meanwhile, sympathy demon-
me B-l or me tnuse. atom ©I wo OUUC «««« , **5U. . . *c, nrrrnnrnVl h.r U-T.I nr... II ■ rtl-.*
which are desimedto fly low General Election. Action Party (NAP), with 16 sessions of Parliament which «» thm ■
tottetetaafaSSphMe. It will take over from the seats, vfll have five Cabinet seats, meet when particularly imvo* Ch^ac, toeGaullirt^der, Disc^iKon^^e polity
“ Tu P minority Government bt ■' Mr. Mr. Demirel said that he would taut decisions must be taken. Wty.witi»17J seats J®th e content of the MajoiWs ete© -
Ground-based radar stations Bulent Ecevit. the Knctri- demn. announce the Cabinet bv nnon ,, « National Assembly, La comfort- con platform will be held aftej
are UHfld to low-fl^ng afrouft crati dSlat^Sa^n- to-morrow, afte?Steii5Jg the ^i^SSeF^lamentSthS COaJi ' ' ^ j r '
lf!S ,r Jw ( £ fldence TOte b F *fie Demirel approval of President^raSurk. _h e ^!d“ KSuiers do' not ^ ^ Icstted ,
1 alliance earlier this month. Political observers here expect enio^ the confidence of powerful The GaullistSy-tlie RepubUrans, jriti take a lreding role in the ■
and rockets as- well as n »wi» ernuns the centrists, -and an independent talks. Meanwhile, the coalitiot
interceptor planes do not have ; — — — - — — * . ^ diverse pre^i gr P peasant' party have- agreed that parties have agreed to meet sj ;
time to attack them. The f~J.rn*TTl Oil UdIhpId rkTl^nil^' 1TT1 SSn« aS narfmal nemmaners w>n, in most cases, fight monthly intervals to prepare' thf : :
Cruise, a pilotless jet carrying ljrCrina.il VCIlICiC O UXpllI Up SS ?Ssitie^ students ^^ P sec- “¥» separate colours in *th« way for the elections,
a unclear warhead, can fly at UAWT ^, r r SST^r & 2mv These .fw **st round of voting in France’s , Meanwhile, the three parte-"
under aoo feet altitude. BY GUY HAWTJN...-A. ,, « 4 ™r t«wio ' {h£Vr ^ DemireTs coaliteC^ ” Iwte dection system. - 0 f the Left have decided It - '
The sources said the Soviet ^ FRANKFURT, July 20. Nationalist FroS, is .Whoever does best in the first ■ leave the conclusion of their 1 -
German vehicle output up
BY GUY HA WTJN . -
FRANKFURT, July 20.
Union was trying to increase WEST -GERMAN motor . vehicle units— 9. per
the past 48 hours. About ten SwinSE ■ the efiicienc y of its production in the first ..half of 1976. But
IzT * 3- “A J strabons in Madrid and Vallo- 1977 nmnim> 8? n .r w»
prisons are affected.
dolid were broken up by riot
The interior of Carabanchel is ritC. designed for use against low- anove tne level of the same
said to have been virtually SSJjJLi,!?* 1 nrntSJ' wL hSS? flying enemy aircraft or mis- period of last year. .The growth
“rf. sympathy protests have been
destroyed, with more than 170 threatened for the next 24 hours. ^7 ,
prisoners now moved to other . ° . ™e <
prisons. * A powerful bomb rapped ^
The protesting prisoners, serv- through the second floor of toe aWy
especially “look-down" systems 1977 was running 8.2 per cent, was ahead by about-10'per cenL t00 int out that the differences of tBe ■ . ■ o miiSt '. .V . V 0 ®: meeting of their leaders in Sep:
designed for use against low- above the level of the same at 332,800 units, ' commercial opinion and rivalry which opposition candidate i and tember. The extent of the-'
flying enemy aircraft or mis- period of last year. .The growth vehicle output was down 7J. per brought it near to collapse last will ^receive the support of ail nationalisation programme
sties — to meet the challenge of was almost entirely a result of cent, compared with the June spring still exist p , f if 3 tne_ Majority. ;-JJnrtng vrorker democracy, defence, ant-:
the Cruise. increased ear. and . estate mhlele 1976 perfonnance at 25fi00 units. . Introduction of propor
ing sentences for common Palace of Justice in Madrid early U1UHI1C ,
criminal offences, are demanding *“ ,s uioramg, causing extensive - q^j
amnesty along the lines of that •damage imd a fire., but no avo!d g,
granted to political offenders. f^Junes. The Palace of Justice n nu e t s
almost all of whom have been J® home of the Supreme aga i ns t a
released in recent months. The Court ^
release last week-end of two # Four policemen and four ,
women who had been sentenced members of the para-military „ Pe «T: '
to death in 1974 and' then had Civil Guard appeared- before a
their sentences commuted to 30- court martial this morning on
year terms is a particular source charges of sedition arising from ”
of aggravation. a demonstration by more than r l ‘S ,n ,
In spite of police assaults with 500 officers outside the Ministry “® raer
rubber bullets and smoke bombs of the Interior last December, ' v ' ea Pou5L
fired from helicopters, more apparently in support of better .Renter
mobile air defences because
the Cruise can be made to
avoid fixed enemy gun and
Production in the first six basis.
credible.
rally invested as their party’s
rocket *^ites 'bnt^is helpless amounted to 2.18M00 Car and estate vehicle exports Yet T^rkey is faced^A Radical Party led by M. ftanc^S^^Itterr^S? 1011 thl
aeainst a nureinr enemv ' units of all types compared^with m the first half amounted to grave . economic and foreign -t . - IS. “«,ir Socialist leader- M Georee
against a moving enemy. }the ^Oifl.S^ units reWed. in 969.900 units-9 per cent up on problems which require strength Serre^Sthreiher^ the CommunS nl
The sourcesg said Nato also I first half 1976. Motor and estate the opening six months of last at home and confidence abroad. *» ta £® £?« ^.2.®^ iS ^ RnhpJ
“ " - J ‘ the 2,019,340- units recorded, m 969.900 units— 9 per cent up on prooiems wmen require strengin It. Si; Marchais the Communist een
The sourcesg said Nato also | first half 1976. Motor and estate the opening six months of last at home and confidence abroad. *jS JWjt e£t s^euS?- Robe?
CrelS^U’^HolSS W’JraS?* 1 ® c ^7* D M^ l e ”^fore Ckle auA thl Sdteals^wiU be^te top^en
SSflSuufe SS&s s feSAS55 SS-W? StfiSF*
before releasing the 0 Wing above all to a decease last few months has reflected a £e Amm mM anbeanrttf mpDd f. '^ 0 ’ day * i -' the approach to >lect,0 J“-
weapons. in demand for heayy -vehiidSk; weakening of demand, ntis. out The EEC has been awaiting • ' f '
Renter Ov^aU output of vehirte^of however, appeared to slow down a strong Ankara Government to • rrewlwe-ii JUr
all types continued to Te^ert ^ m June. Export demand last solve Turkey’s association rela- • SuiDnS6 2t SllIIJ SllOvSIfl V
pattern .in June. Total prodfife- month maintained the levels of turns with the Nine: Jtr- -**-**■' tjuujiuj
«on UEt month Wffi previous moatl«. Ito, IMF ud - lDternttlon,!' / ■Yi&UR OWN CORMSPONDOIT
' finance institutions, to which/ . -BRUSSELS, July 20.
Steel orders rise in .Tune NEw S .THAT.a,e Frcnch GOTen.. they wnu .^ ha.:
kJftVVl UlUVla 1 19V III ultllv deficit and debt repaymStsJwJu planning a scheme to expected M. Fourcade to hav :
BY OUR OWN -CORRESPONDENT want stern economic measurqf. subsidise the purchase of vessels given Vicomte Davignon advanc
Steel orders rise in Jiine
BRUSSELS, July 20.
BY OUR OWN CORRESPONDENT
•• FRANKFURT. July 20. Mr Demirel Is a nraenAlir ""“l . * *Y“ V “ «*, u./mvc m. am/n-wtiu measure
A VERY BIG rise in orders from orders totalled only 980.000 and a brilliant Pfrlla- *5 ^ w i lh , u sur g rlse tfwla £ b Y be,n 8 considered by the Coven
cvmnfripjj the ESC led ' tonnes. * 1 of ? c, . a,s at the European Com- ment..
f NEWS THAT. the French Govern- they would normally hav’ . '
1 “cut is planning a scheme to expected M. Fourcade to bav :
subsidise the pnrehase of vessels given Vicomte Davignon advanc -
, from French shipyards was notice of short-term measure' -
countries outside the EEC led ' tonnes- - memary tactician who ha/ sur- ZJteVfon To *WhidT7£Tt-h^ “whiU on. fnr™ a i v i"
to a tecreare rn bookmgs £ ffheTJ JS® ava^Tn.^^
industry last month. Bookings, SjJjfjJl falhn 8 b y3-9 per cent, to fessor Erbakan (and ton lesser Their surprise is due to the Sat ^^Mars^to^lack^tw 1 ‘
however, are still well dov^! “WO® ab l«® degree Mr. Turkes)/ whose fPPmt failure of the French Sements SSSlli einLi! - !
STS B sear’s depreraed 49^ p« f cem. increased b^ltinis SSemlst forei« ^ "views todus^ Mliiirter.M.Foarcade, gBE ff^cSS2E- ::
levels, and the overall order posi- from thir . d countries more than and ambitions for heawy indus- to mention the subsidy plan to ™ - RL2 l 5-iS B J5 , f!S’ 1
levels, and the overall order posi- from third countries more than and ambitions for hem indus- to mention the ‘subsidy plan to these are 1
tion has dramatically woreened. compensated for both of the de- trial Isa tion did so , /much to the EEC Commissioner for
' cUnes ‘ 0rdera frora third coun- undermine the old /Nationalist Industry. Vicomte Etienne Davig- •
Wm rose fr 0 ® Ma y's 420,000 Front These views have not non, when the two men lunched
products— not Including semi- tonnes to 620.000 tonnes. changed - / together In Paris yesterday. rJSJSlSf' of JRom ^ *1. -
finished products, hot rolled -n, e federation is drawing wT J nh i Am . „h, v Commission Is Empowered tr
strip or special steels — totalled SO me comfort that desDite fall- th*?' j-^ e said that while compel EEC Governments t
just under 1.81m. tonnes in June. the Professor hav ^started again discussion in Paris had focused amend or abolish state ai- '
1l£ wS ,n iSDisSmVnt of « gi? *Y” brtpre the jnaouncmw mainly on th, outlook for schemes wbldTinudSTto t;
per cent on May’s performance, half of jgyy wer f average- reonrte^tha^Mr ^npm n » m Tgatructunng Frances shipbuiid- incompatible with the Comm 6.'.
Sffl ff MfffS mg .° d ^ ■■ ». ■W. M.rket
now or oraers in June last >ear. some 300.000 tonnes higher than President lo-day because a last- — \
Domestic bookings, which in die average fnr the second hair minute problem developed x • • \
May were 13 2 per cent, down nn - qf last year. It points out. how- between the two over the ron- I DOC \\X710C inffrPirAntiAvi
April’s statistics, fell by a further dver. ihat the first half ‘monthly troversial Ministrv of ihej-. "Vi3v5 kJ ▼ r 1111 Cl V vUUlili
116 Per cent, in .Tune Accord- dveragn is still 100.000 tonnes Interior. leading Mr. Demin?! to j __ •
ins to West Germany's iron and delnw that or the opening six exclaim "something new hap-. JOHN -WICKS
steel industry federation, hmnr months of 1976. pens every half hour.” ZURICH. .Ii.u so
BY JOHN -WICKS
ZURICH. Julv 20. r
every size of
INTERVENTION purchases by
the Swiss national hank totalled
something over Sws.Frs.4.5bn. in
the first half of this year, or
well under half of the sum of
Sws.Frs.10.9bn. recorded for the
corresponding six months of
1976. According to the national
bank's monthly report, interven-
tions in the first half of 1977
were practically offset by. capital-
export conversions, while in the
same period of last year they
had exceeded these by some
Sws.Frs.3.7bn. : . '
The -development this year so
far is attributed by tbe bank
noth tn quieter conditions on the
foreign exchange market and ro
its own monetary -policy. The
decline in capital exports is seen
by the banking community in
Switzerland to be the result of
the shortage; of first-class foreign
borrowers, while a number of
issues have been prematurely
repaid or refinanced for - interest
reasons.
The trade-weighted exchange
rate of the Swiss franc wa'*- -
highcr by 3.1 per cent, in mil
July than a month earlier, th •
bank reports, although thN<« %iw
appreciation was of only 19 07^1^7*
““L since the start of the yea
and 1.S per cent, since July.
The monthly report disdosi ;
that, as oF July li, foreign ind
vidua Is and foreign banks— bi
not governments and mooetax
authorities — have been able 1
acquire sub-participations i
Swiss franc loans to foreign bo
rowers. These may. however, t
given only in the case of fire
placements and when an unde,,
taking is given that they will ni "
be transferred before repaymei
becomes due.
For the period July-Angust, th^
national bank has set the ceilin
for publicly-offered loans 4
foreign borrowers at a total xNw
issues, ind-
vidual bank loans and Swii V..
franc public loans of iote ■ : -7 '■■■'
national organisations are
included in this maximum. ■-
Malta doctors on strike
BY GODFREY GRIMA
MALTESE DOCTORS who. for
the past seven weeks, have been
involved in an Industrial dispute
with i he Government were to*
day directed by their union to
stop seeing patients, except for
emerymey treatment The strike,
a spokesman for the Modicaj
Association of Malta (MAM) said
to-day, wfU antinue until July
VALLETTA. July 20.
SkelmersdaJe Newlo'.vn
believed that when the
green jight showed for
business expansion you
wouldn't wear long delays.
So wewentbn building,
confident that when the
time came you'd be much
more impressed by our
'arguments that
Skelmersdale is an excei'ert
centre for manufacture and
distributicn-arsd agood
place to live in.
VVfe've got the factories, the
skills, the enthusiasm, the
pleasant environment and
we won’t keep you waiting,
however small or large youf’
needs.
Skelmersdale Development Corporation,
Pennylands, Skelmersdale, Lancashire.
let: Skelmersdale 24242STD Code (0695) Telex: 628259.
Sitelmersdale New lawn
tit The experienced one.
At the same; lime, the proces-
sing of customs aad excise docu-
mentation 'stopped when snme
170 clerks add customs officials
began a -two-day. stoppage on
orders ' from four unions
affi'htrd to the Confederation of
-Malta Trade. Unions which is also
involved in an industrial dispute
with the Government The
CiMTU strike directives were
Issued at a mass rally last night.
Workers- haw been further
right to strike of doctors mat ; - r
a.pg essential services insid
slate hospitals. The schedule f • 1 .
tb® Act which covers publKv
officials operating essential s e«* r ?
vices, can be altered to affer u
other workers besides doctors b.^
a Simple-Prime Ministerial orde.^ ;
or through Parliament ' £
The Government’s next step '£
expected to-morrow when,
accordance with the new law, th\.
6- stnking medical officers
be dismissed from public se’VjH
vice if they continue to folio* Vt
u-lnn orders. - • X
The 350 doctors in the MA3
have signed declarations bind in,
theniselvps to . refuse ai^’
a lu . rciuec
Government jobs they may h,\
offered during the current s£ribj : ^
J U°
irnrated by lestslation intro-
duced by ‘ the Government on
duced by the Government on
Monday night restricting the
- y 1
^ ■‘Sr*- T ‘ vr *- raw-awe Sml* ‘
SJ5, 1 WRSjw. L - .% •rtaeipf‘2,
eUi» mm. pod m W,\
ut
POOf
■ie Financial Times Thursday July 21 1977
v
ECD Economic Outlook
! l 'l
• ' t
Pessimistic growth forecast
iiggests need for stimulus
■ '.^IXOWING are extracts early next autumn so that iheir half of 1978 « ■ „ T - .. .... .
latest OECD Economic mutual consistency and filobal The marked imnm, <„ J 10 - 10 j F h i nRes are .^°
published in Paris implications can be examined. ^ exert thc desired mfluence on the
.>„■ and can then provide the basis i ? ^ how0 Iw thc 2 utcon ?. e I97S - art >°n to raise
■ 1 .K. and Italy assume a rnn- domestic demand in wirtip
" ■ -^'.medium-tenn slrate"v for monitoring progress durin- iufcJE* J ta4y assume a C0D - domeslic demand in some coun-
^::ffv OECD™ove^en^ the Suri of n^ Tear. * success in tng may need to be put in place
- 1976. aimed at proares- Recent developments in „.£!!* * ooa -
United States
Coalitj
a grees
. prog res- necent nevewi»*«5«M in ..ihp r . , -
•V'iuction of inflation and demand and . output have been consens^ hnn ^
■^yment over the period broadly in line with the forecast partner; And S0Cla
The strategy recognised presented in the December issue {^ies as s whnte r *t°5 CD , COU ,. n '
• i‘ 'i attainment of sustained of Economic Outlook. The mid- ^ * “Jvf to b * Current evidence points to
‘^.tnd higher employment way at the end of the _yea r and a re ^ub jecPto T n u mhJr P ^n ? continued strong recovery of
V*ndem on improving Th * early p art o f this year to ce rt a iET— w i th r? outpul and demand. Real GNP is
* " “ ‘ ttie forecast to grow at an annual
te l? rate of above 5 * per cent over
e m prices than the forecast period. Assuming
-»«. - - _ „ . , that productivity growth slows
■_. r. growth, demand manage- employment has fallen, but ln The period up to mid-1978 is down somewhat in 1977 and the
'• x ^]tded to be governed by fbe majority <* member likely to be characterised by re- favour force expands at roughly
Voa
term considerations and
Voaehed on on iotcr-
co-ordinatcd basis,
tegy was reaffirmed by
Council Meeting aL
level in June this
the past 12
AH
Exports^^
w.
. . months.
fWNP has risen by a bit
Up per cent, and m many
\ unemployment has
ther. In the main, this
i ting growth perforin-
. ecied the need to pursue
' i . ‘'‘.5, 'engthen stabilisation
' ^.in countries with high
inflation and a weak
- .. ; position— although the
".-..i' has also proved some-
" - litant and unpredictable
.. countries in a better
■ *:o Reviewing the situation
- Jane meeting, OECD
agreed that the
^ -tent of the objectives of
• -N>£gy would be promoted
jl.'^mewhat faster rate of
v l^jn in the OECD area as a
*':i 1978 than seems likely
f-hieved in 1977,'altbough
4 . J’"5is not apply to some countries
■1 * - s. They felt that an remained _ .
growth rate of OECD me nt has continued to 'rise. Th
1 340
NON-OIL COMMODITY
|- PRICES IN $ TERMS
1070-100
r- -1300
260
220
180
140
^Minerals and metate
i X" 1 1 1 1 -L
100
1970 1971-1972
Source* NIESKSv
1973 1974 1975 1970 1977
60
the same pace as in 1976, unem-
ployment could fall to below 6.5
per cent, by mld-1978. The
acceleration of prices observed
in the first quarter of 1977 is
likely to be temporary and the
rise in the consumer price index
may approach 7 per cent, for
1977 as a whole. Since the
united States continues to lead
the world recovery, thc trade
balance is expected to move
further into deficit, though not
as rapidly as of late. The trade
deficit could be about $2Sbn. in
1977 and the current account
deficit around $14bn. compared
to deficits for 1976 of $9bn. and
SJbn,. respectively.
Japan
The. Impact of policy measures
will be temporary and the ex-
pansion of activity — after
short-lived acceleration — will
lose momentum again next year.
A basic consideration is that,
despite the measures taken, bust
ness fixed - investment seems
If
%-
_ - , .. — Die e^ansion has lalively weak trade within the UkeJ * 10 remain weak, given in
They felt that an remained hesitant aud unem ply y. OECD area, sluggish imports particular continuing low rates
vth rate of OECD me nt has continued to 'rise. Thr from non-member countries but of capacity utilisation and low
around 5 per cent hi rise in industrial -production bu>. buoyant exports to countries out- business confidence. The year-on-
3 uld at this point seem recently stowed dovWi again and side the area. In volume terms y ear growth of real GIMP may
and consistent with the capacity utilisation rates remain trade with OPEC and with non- be around 5j per cent, with a
" ' l* should enable real generally low. A surge in inter 0 jj developing countries respec- slowdown to a 5 per cent, rate
to Joe made in reducing national food wid.^ndustnal^raw lively may move as follows:—
Oil imports rose substanti-
;^-' yment next year, would material prices and the effect*
in the first half of 1978.
Despite a forecast rise in em-
stimulate productive of adverse weather onJood and ally in the second half of 1976 Payment, the unemployment
hi-.
;nt. and should be com- other retail prices, pushed t hi
, 1; with a further reduction annual
to
... _ , _ a level more -or less in line rate may remain near the current
rate of increase In OECU with consumption requirements 1 - 9 per cent Consumer prices
.".ion. consumer price^.np to about 1 1 i in the first half of the present may decel er4te over the forecast
'.-era agreed that, where per. cent in the first -five month:, year. With increases in demand P° nod - The current account sur-
crpected to be met increasingly t “ ay 5?“ 5
hv nrnrtiiotinn inciHn 9in» 1976 to srOUnd 57bn. U1 1977. .Ul
It
W
*•-
* ■
GROWTH OF REAL GNP IN THE OECD AREA
(Percentage changes seasonally adjusted at animal rates)
h"
¥
¥.
• »L
•
i- ;iv
i ‘A
c
from previous fedfrVear
1976 >'1977
1 « 1-, II
1978
1
; States
6J>
33
Si
5J
8.7
2.9
Si' 7
5/
7.4
3.7 '
4i;.s • 3} •
3j
6JL
35-
2i . ;• 3
3
.--Ungdom*
3.6
IS »:•-
O-Vf.2*
1*
. • H
8. S
4^ . \
■2 i
i
* j . — .
72
0
4i
'lbove countries
6.9
33 .
■Sli
4-J
CD
63
33
4
GDP’
V -
^ -sA#/
:< .-i*
-*r.L.rJS l
7^:
oil importso ver ihcnextt welve
he about $4.5bn. significantly
months may be much the same as ™ tT fJP"«caniiy
in the second half of 1976.
Exports to OPEC should retain ,„ n „ a V «o*.- s
iheir presfent buoyancy over the annual rate of over 88bo.l.
period, perhaps, increasing at an
annual rate of 11 per cent.
• After rising sharply in the
second half of 1976. OECD's im-
Germany
Assuming no major policy.
ports from non-oil developing changes at home and abroad, the
countries appear to have weak- outlook for all- main autonomous
ened appreciably and may rise demand components except pub-
quite slowly up to mld-1978. Ex- lie investment is ntfher weak.
e forecasts presented in development Tweeted temporary ?KltahTaSnSpr meat
■•:e of OECD Economic suoply' disnipTons rather thai^ ■“ .W rJSff ’ t? 1 *
:'- v s s: s£ „r tESmttrsjs&gz.
■ or m ™ a m w^''' Pirc arC beCr>n " nR '»% te"^ OEra a f« n »T™p'i
:Se presented here 'X of co'^rren, aceountde- Se re"
expansion seem reason- show total OECD output rising fic ? e d 5 e ^ C t M a !Sw ?o w d uced to some gjbi^aSinst'
b y a pttle more than 4 per cent. annua i rate 0 f S40«45bn. in the 53 bn : in 1976. However, the de-
V six months to March this year, mand and output picture pr^
t, 4o*.
- 0Veral1 pic f lure From now until mi ESfltt sentedfor theGermanT^oomy
-- . in the first half of next substantial -differences are fore- mav h*» tnn
Ijl
m .
■mr*-"
i /■: *V
in the first half of next substantial -differences are fore- sll0tt ] d steadily decline perhaps be too optimistic : ii the
and
'hich
incentive for capital- end in moat other coonmee. .wfflraTl^'nSroS* S ,sl,our "SStttsSS
■- in " |S ,n •*" US - SLep^Ut^utMy <■«"»>« .SSK2
OTMicum can he considered OTlt of rclativ£ demand move-
.^.7menL These forecasts reasonably well-established. In mwits t hat rprtain Innp-stand-
-•Coui». subject to the other relatively . well-placed fn ™ current account di^q^ilibrla
« Jud*eS I S eS -and e StS and'm i.BTS.'ffi” ‘ ^
_c idence may evoive over : pr “? in « p “ outer, .ha, a 7 re lihei, to renrnin, m*g ^Sl !SV S£
France
..-.:n g months since both and balance
- ind negative influences problems, Ihe'crowih nf demand 0r ^ 0r th"' other band non-oil tiomi^fo? worid
|>v ]0
':he recovery In- 1978 - The failure of me nse
position last year: reaching no more than about 3
- t * 7.: ... . . export revenues in- P er cent at an annual rat# in
3 ^ f, 0r takmg } l demand generally to become cr^d sharply at the same time the first half of 1978. The Mem"
r promptly so -as to self-sustaining more than two a . vT„
rfDwirui rnTi.! innoH nJovmfinf rate WM,.U
financial
because
JRRENT BALANCES OF MAJOR OECD COUNTRIES
AND. COUNTRY GROUPS
(Sbru; Seasonally adjusted at annual rates)
1976 1977 .
I II I «
1978
I
y . rirornptly jro as to self-sustaining as foreign borrowing continued P toymen t rate coukjl be" in the
tbe ,/„ ec ° very on a years - af,er J i l/ e ivn < i^nid S hi at 3 biBh rale * !hey were able neighbourhood of 5) per cent at
Lfnl'T; can in part be wpWn^y ^bstantially to reduce . their *e end of the first half ofSra
■rail prospects for any prudent demand management . WTrent deficit and accumulate The average rise dn confer
some $10bn. in reserves. Asspm- prices between 1976. and 1977
ing that this reserve build-up may be approximately 9 per
does not persist this year, and cent, slowing to an 8 per cent.
given their recent terms of trade rate for , the first half of 1978
gains, non-oil developing coun- The current account deficit this
tries may be able to finance a year may be close to Stibn
larger current deficit this year against 86.1 bn. to 1976.
than in 1976. allowing tbelr im-
ports, to increase at a healthy
f iace and, simultaneously, reduc-
og their dependency on Euro- confide ^
market borrowing. wntmcnce m sterhng has lm-
Tbe strategy 'requires a P^ved since the turn of the year,
recovery from the recession nwwnhL by . tbe
sufficiently rapid to cati forth “!***£* ™5iJ? atl0 . n
an increase In productive invest- ^ *° r -
-*4tment, but^ moderate. enough to 5™
—Y* awriH new infljrtionarv nmanirM ? 0 ® IS ^edit, blit to. Other
t«
igdom- -
.xemboufg
h .
-’rth Europe
-D
1.9
— 4A
SJ
— 3A
3.7
- — 3.7
— 2 JO
- — 0 3.
2 ja
— 2JQ
— 3J.
“10.1
~16i
3.1
-16
-12
3.7
- 4
- 3j
2.1
. 9i
4j
8 j6
“ 44
- 34.
23
. • 3 •.
2
.19
- 1|
” .i
3J
- 11
i*
OJ
— i
0
13
li
2J
23
' - 11
2
.7 S
- 51
- 41
12.4
-ui
-Hi
—.4
‘ 41
— 3J D!
2i fo
.1
2i
United Kingdom
AMERICAN NEWS
Bahamas
ruling party
returned
to power
Nick; Kelly
NASSAU, July 19.
FMKE MINISTER Lynden
Progressive Liberal
swept to victory
2 JSVi*' 9 seaeraI election
■» tne Bahamas, taking 29 of
JfteJ® Parliamentary scats in
returns. Results were
yet to come from four coostitu-
cpcies.
VThe opposition Bahamian
Democratic Party (BDP) won
f*™ 1 *? 1 * and the Free Nat-
faoal Movement (FN3K) one,
,f**h the two parties expected
pick up ail additional seaL
Jtj’-seven per cent of the
etorate voted, the PLP win-
•at per cent, of the pop-
X? ,e a S»inst 59 per cent
1972.
There were 117 candidates,
PU*. 30 BP. 34 FNM. 4
i ali sts and 12 Independents.
J**ver« only the three major
nies made a showing.
FNM leader Cecil Whitfidrt
jt** erpeelert to lose his cOn-
&ituenr\-. BDP leader Henry
^pestwirk. who retained 'his
Jpeat, blamed the split in the
IgKjoasitioa tor its poor show-
BP acquisition of 50%
of Sohio shares postponed
BY STEWART FLEMING
NEW YORK, July 20.
THE POINT at which British Sohio. currently just over 26 per arily. eases slightly another
. Petroleum will acquire more cent., is related to output of problem- At 1.2m. b/d there
: than SO per eent- of the shares of oil through the line, it is was an anticipated surplus of
ills U.S. associate Standard Oil accepted that the increase in its Alaskan crude of up to 500.000
[ of Ohio (Sohio) has been put holding will be slower than b/d on the west coast .of the
back for six to eight months by before the b!oW-up. U.S. This surplus would require
the explosion earlier this month BP w as expected to pass the special transport arrangements
at pump station eight on . the 50 per cent mark in its Sohio to get the oil to other markets.
Trans-Alaskan pipeline. share-holding ' when throughput Meanwhile, oil began flowing
BP. in an addition to Its pros- reached about 970.000 b/d and through the pipeline again at”
pectus, sent recently to the was sustained for 90 days. Filing about 9 pjn- local time after a; .
Securities and Exchange Com- requirements would have post- damaged check valve had forced ; .
mission in Washington, has also poned implementation of this another shut-down of operations^"
informed the SEC that it prob- share-holding agreement for a for about eight hours. The Hue ,
ably will take six to eight months further 3tM0 days. had been operating for less than
before repairs to the pnmp Now with maximum through- 24- hours after pumping had.,
station are completed. This is put likely to be only 800.000 b/d resumed, following the explosion
only a preliminary estimate. until perhaps the middle of next on July S at pump station eight; ^
Without pump station eight year. Bp’s share-holding in This blow-up had forced the.-
operating, it is estimated that Sohio is not expected to pass 50 closure of the line for ten days.-- .
the maximum possible output pw cent, until well into 1978. The latest problem on the line-.
through the line will be only The restricted .-throughput in occurred when a heavy construe--:.
SOO.OOO barrels per day* instead the line, while it reduces the tion vehicle damaged a vent on *
of the initial specified 1.2m. b/d. potential profitability of the a check valve about 23 miles
Since BP’s shareholding in Prudhoe Bay oiifieid terapor- south of Prudhoe Bay.
4
Iron ore mines stoppage threat
BY OUR OWN CORRESPONDENT
NEW YORK, July 20.
fTax deferral for
companies
^abroad may end
?%y David Bell
WASHINGTON, July 20.
R. MICHAEL Blumenthal,
e L'Ji. Treasury Secretary,
tflfled another corner of the
U v* hlch still covers the
luistnulon’s tax reform
Posals, and said that it is.
. _ Iy likely that the adminis-
tration will try to end some of
<fhe present tax advantages
sgiven to Ujs. companies operat-
ing overseas.
President Carter has ordered
a. big overhaul of the national
tax system to be. ready by the
end of September. Mr.
Blumenthal, answering ques-
tions on Capitol Hill yesterday,
said that one element in these
proposals would probably be
(he abolition of the s*called
DISC tax advantage for llfl.
companies abroad.
The acronym DISC stands
Tor Domestic International
Sales Corporation, a device by
which U.S. companies may
defer UJ». taxes on some of
the profits which they allocate
to DISCS. At present, this
saves U.S. exporters about
Slbn. a year. But the provision
has been criticised In Congress
However. Mr. Blumenthal
said that, the -tax reform, pro-
posals- are -likely to leave un-
touched- another provision
unde* which VS. computes
may defer Taxes on the nrofits .
of ti%ir foreign subsidiaries
until 8* ese pryfits are repatri-
ated. wis is calculated to save
about 5500m. a year.
THE PROSPECT of a strike it left local issues to be resolved much less significant than-.-:
that could halt iron ore prodne- by August 1. Under the experi- strikes at the 21 iron ore . :
tion in major U.S. iron mines on mental contract, no industry- branches. -• ■-
! August 1. is posing a serious wide strike is allowed. How- Industry leaders are disputing '
threat to the steel industry. ever, union branches can strike -whether the issue at stake in
It emerged to-day that Mr. on local issues with the approval the iron ore branches can
Lloyd McBride, the new Presi- of the union - leadership. This genuinely be classed as a local I
dent of the United Steel Wor- approval has now been granted issue. The key demand from - -
kers Union, has authorised steel to the 21 iron - ore producing the Iron ore branches is for an
union local branches engaged in branches. incentive payment comparable^
ore production to strike on that The union will not confirm, to that for steel mill workers;- ?
date if agreement has not been however, that it has issued But management contends that
reached on “ local issues " which strike authorisations at a num- this is a compensation issue,
have yet to be resolved in the ber of other union branches which should be covered by the
union’s new three year contract, which could, reportedly, close national agreement, rather
The industrywide three year some steel mills. For the steel than a working conditions ques-
con tract was settled in April but industry such closures would be tion
Seven killed in Peruvian strike
BY HUGH O’SHAUGHNESSY
AT LEAST seven people were since 1968. Hitherto, the Com- meet its debt-servicing commit--,
killed in clashes during the munists and Christian Demo- meats. The Fund's eventual atti-
general strike in Peru on Tues- crats have maintained correct tude to Peruvian requests for
day, according to Reuter. The but wary relations with the mil- help will be watched with in-. .
stoppage had been called by itary authorities. • terest, as it. will be seen as all.
Communist and Christian Demo- There is no sign yet that the major pointer to how It will act
era tic trade unions in protest International Monetary Fund towards a number of other gnv"
against the austerity measures will grant the $250m. facility- ernments in the developing _.
decreed by the military govern- which the Morales government world which are in balance of--.'
ment of Gen. Francisco Morales in seeking so as to be able to payments difficulties. .
Bermudez and the consequent - ' “
big jump in the cost of living.
Four youths were killed when
they attacked a bus containing
marines in a town on .the out-
skirts of Lima. Telecommunica-
tions - were cut between th&.
capital and the rest of the
U.S. housing starts fall
BY OUR dwN CORRESPONDENT
WASHINGTON. July 20.
country. =. NEW HOUSING starts i
Despite the fact lhat strikers fell'slightly last mon^u providing the best for. about four years.
halted much of public transport, some evidence- that the recent The number of permits for -
there was no interruption of boom in the construction of new new building were down only-. ~
Power and .water supplies. -homes, particularly single-family very slightly- in May from Juner--
; .The stoppage was politically homes, may be past its peak- and the Commerce Department
important in that it marked the But, .although new bousing reported that, at an annual rate
first open confrontation between starts per -cent.- in June of- -1.6m. houses, they are some
the rate for
Moscow-line Peruvian Commu- from the May figure, new house- 37 per cent above
nist Party and the Christian building last mouth .was still 23 June 1976. The number of hous-
Democrats on the one hand, and per cent above the figure for ing starts last month works out
on the other the military who June 1978. and was not very far at an annual building rate of-
have been ruling the country below the figures for the past 1.83m. homes
CALIFORNIA’S GOVERNOR BROWN
Getting down to business
BY ART GARCIA IN
CAUK>|
RNIA
WHEN HE was asked before the environment in the state and the the tax burden on business. He Japanese view the unitary tax ••
last TJ.S. presidential campaign exodus of companies from it The also . haj'jgiven his support to a as a strong impediment to loca- r j
if be were interested In running mood was highlighted by the legislative Bill that would phase tion of plants in California." ",
for the Democratic nomination, decision earlier this year by Dow out the" state's tax on business Also sharply critical of the tax t,
California's ' Governor Edmund Chemical to abandon - plans to inventories. has been the Hong Kong Bank
Jerry” Brown Jr. replied build a 5500m. petrochemical The caairman of the Franchise- of California, a subsidiary of ...
tersely that being governor was plant in Northern California Tax Boatf began hearings this Hong Kong and Shanghai Bank'
enough of a pain in the ass.” after spending two years and $4m. month <% the unitary tax after Ltd. of Hong Kong, which claims
Asked during a recent inter- fighting bureaucratic red tape admitting the assessment it pays three times as much
view in his stole capitol office in and environmental impact delays, formula tuay prove to be inequit- corporate tax in California as
Sacramento if two and a half But now Mr. Brown is shedding able interne cases. More than d o state banks of comparable
. ears on the job have changed his cloak of mystery and work- 100 multinational and Interstate rise. An attorney representing
bis mind,- the 39-year-old chief ing hard to show his concern corporations were invited to air the bank bluntly warned that
executive . responded with a about the state’s economy and their grievances at the hearings, the bank “ will move from Call-
crisp, “No.” tbe health of its business and -As part of the pro-business fornia unless its franchise tax —
A moment’s pause punctuated industry, while asking what image building, two of the problems are resolved.”
by a thin, sly grin led to this government can do to help. Tbe Brown's administration's
expansion: "Being governor Is- new-found enthusiasm coincides ' ^
21
— T 1
-364
“-33
-12 avoid new inflationary pressures ’ mu m oroer areas
—25 and permit the emergence of ? ev »topments have been less
«u«u ireuuu luc emergence vi - . > , _ , . . • —
export-led growth in countries JS ' ¥***??
. with external constraints’." A key prioes ba . s remained -strong; .the
persistence of eie^etointiiee^egf jf £ r jf3 Jed
rermneots will hot Be over- ®? n ‘
iced by short-term, con- sumption earlier this year, other
reduction in inflation Because of the .
.r are not particularly inflation- often coupled with
ome countries the need external __ payment
. '.or reinforce stabilise- policies in the siderations. But there is a point ^
aes means that there member countries have bem fgr beyond which : fluctuations sluggish and there are sub-
■ ttle or no scope for a more cautious than in stmUar a desired path be cotoe ' ®°“{ P U“S5?* 10 - }J e
■e of expansion next ph*,** JJ* deviations which are too: big to
. VI CAIMUUOU r , _ - .. .... ihatin - Utliauui/J WiUV« «>« LWU tern _
at is important is that, cycles. But it clear that in a ignore — and if this point Is on ^ pds
. ; ; -ther the policies being nu “^f r ^Laker^thaS ^“bed, rt becomes necessary to pric^
v-y- individual countries activity &as been weaker .than o]t e r one or more policy setlinc. could begin to decelerate to reach
y individual countries .
the basis for non* intended.
j growth and better in .assessing
payments equili-
the OECD area
inflation pros-
alter one or more policy setting. ^ . . -
" But any adjustment of policies rha ^, 8 pe .
has to pay full attention to the f cond quarter of
bus- « r -~- -r ■ pnce^tabBisation aim of ' the 2T2i« ear *,w^v« P ? ce fofBCasl
and that the reacceleration rfig yrra te gy. In many countries, a ^ bstan ^ ai .
4,1.#' ™ ra sr„"“tofe sSer”pri«s .in m»nt. ■%£$$; ta| S SSSSt- "jl W in iwS’n*
ij t ■ v umection. it has been was largely related to J. elpp ®^}^ tog and has even accelerated; and P^ re torecast however is bfearily
at member countries supply difficulties, and ■ altsho ugh this has been influenced JP. Aj*. technical
pre-on food prices. lt i shau “ by temporary factors, there fssumptwn that average earn-
the succeeded .by some slowdown to could be some . risk, of a * nga . ®? der -Phase HI will be
municate Iheir
output^amd- domestic the second*aM of 44 ms jw, jind streE^tbening of ' inflatioaary
nd tiieir stabilisation consumer prices are forecast to. expectations. On tbe other hand, . CO p ^ e ? t ^ of w
w 1978 to the OECD be rising at an annual rate of. foe extent -of the slack in pros- f° r m^nufactur-
; in- the recovery gave around 74 peir cent, in the first- .p^ for some time ahead makes ,^ n T??S ieB Tiy e ':!?L y
i it probable that expansion could mam. weak. The. moderate in-
be smnewbaf faster than for «■»*• atoost
J cast without worsening the «fo:-fintiiPely from- the 1 to If per
. look far inflation. * M " -«nt oonmpntion of . the real
ID, OUTPUT AND PRICES IN THE UNITED KINGDOM
Percentage changes volume (WO prices)
Seasonally adjusted at annua! rates ’
From previous half-year
1974
1977
. sumption
t consumption
itment
• stic demand
IS
1J
-5.1
0 3
2.4
2.1
-5.9
0-9
—5
■ 'll-
-2
-3i
- production
S3
23
2
. prices
11.6
13A
■171
ng (actual rate,
-.e%, Cm.)
-72
64
300
24
- i
’ There are important conridera- foreign balance. Of this, roughly
I97g ttons concerning the timing of J percentage point is due to
1 policy measures. The dangers North Sea oil. The current
further delay before adequate account is expected to show a
2" : stabilisation policies are applied small surplus by the end of this
. by the countries where Inflation year and it may grow to an
- Is worse are self-evident. -More annual rate Of some $2 J bn. by
13
J . U ffVlUC die K|i-u*tui.uu mviu — — , — r- " — w Y-l--- -1
- seductive may be the temptation the first half of 1978. The un-
180
24 'to enfeeble such policies before employment, rate as forecast ta
. fii- their job is finished. But there reach about G| per cent in the
5 are also risks in unduly delaying first half of 1978, nearly 1 per-
140. expansionary action where this cenfiage point .jrtrave.ihc level of
■ is called for in the stronger- coun- the first half of 1977, - -
lot of things, - depending upon with public opinion polls which
how you feel- at any given ? b °w ; toat while f Mr. Brown still
moment It’s very exciting, very * highly popular, Californians
challenging. It's obviously some- ™ ore *P& more are questioning
ihlng a lot of people are bw policies-
attracted to." At first reflection, ■ Also a matter of timing are
ihe comment seems vague, fit- tbe statewide general elections
ling the image of mystery which to be held next year and the re-
Mr. Brown has cultivated in the aUzetion. that now is not too soon ,
first half of his first term. to bepn campaigning. Repubh-
ThtwwTj, w , «t a^Vthe
bachelor governor. The J°h of g 0vern0r » g armour, notably his.
Lt e S dl S? todeed^Sn^tbtoBS a humanitarian : but politically
rart 'be harmful veto of a death penalty
fac t Mr. Brown .seemed to mb approved by the legislature,
aftwhS ^sdy-w^iection to M wel1 « ^ reports of a deteri-
1074 on orating business, environment.
JpL—aiSL ^raSSi^jesuit Mr - Brown will have to live
."SSSSl’SJSSn? “S' m°- ^ ™ , deaUl pen^ty.sttnd as
sophiwfVlntiospKtion, hU mes- a critical campaign ^sne. In
sage of -** lowered expectations" fact,. . RepubUran legislative.,
sod : tWi jremtoder -that we are leaders are working to prevent
living in -an “era of 1 Units” jn overriding of bis veto In the
ns.tr m. ft. antrrmatio wav hope of keeping the issue alive
as a campaign, albatross. The
be felt.^wot lieiufi governor aDd ^ Ternor - worWng ta
j-*, is-rairsr
importantiy in wbat he did not J*
Govenaor Jerry Brown .
^sharpening bis image.
top Under the unitary taxation
method, the slate computes a
company's tax on the basis of
its worldwide sales, payroll and
property and determines the
California portion. California is
believed to be tbe only rtate
that applies the tax on sub-
sidiaries or foreign parent com-
panies, although about 13 other
states have unitary taxes on U.S.
companies with interstate or
foreign operations. Tbe Cali-
fornia business inventory tax is
said to be an impediment to tbe
siting of manufacturing plants in
the state and many companies
with headquarters in California
establish their warehouses in
neighbouring states where inven-
tories are not taxed.
In working to sharpen his
image among business leaders
and taxpayers. Governor Brown
recently also discovered the
aerospace industry. Asked why
he had not lobbied in Washing-
ton for approval of the B-l
strategic bomber that was to
have been built in California
before it was cancelled by Presi-
dent Carter, Mr. Brown said it
"iwwioi.w WIW. rtitinn to hiR trine several months ^ crown saia «
do. For one thing, he refused d 'Bon to tas mps sevmi months M - de5 -- appeared 10 call for was an issue best left to Congress
to live* in the spacious and car makenSdeIectronlcs P maPu ^^e^toCaSfornia's business and the President to decide, and
expensive " governor’s mansion car ^ makers ana electronics manu- ^ . ,_ _« , L . ^ ^ - -
taxes, file beads of the Air Re- besides, he had not been asked
v/biefc private contributions had in soureesSoard and the Business to give his support
hj* % m foaaW Reagan Semitiv^ of and ' Transportation Agency Now. it's almost - as -if tbe
administration. .Mr. Brown pre- conmrate raecutives of sugg €sUn g that foreign or out- -governor has been swept up in
fers hi^ 8275-Mnonth apartment s “te s imerest to doing busl of-state operations should not be the craze over the new science
witWn walking distance of the ^ included when the unitary Action film “Star Wars.'* His
downtown capitol and where he Brown amniniSTration is system. js; used to calculate bus- administration has been loaned
is said to sleep on a mattress on ^S^S^S£JSS 2L2i taxes. a farmer astronaut as an in-
the floor. Similarly symbolic, he taxing, of multinational coroor- « We have no hope of obtain- residence space consultant and
turned down the- ebauffeured atoms, doing m Call r tag any major Japanese industry Mr. Brown of late has been
limousine- reserved for the state’s f° nu *^„“ pr ?J' ia Caltfomia without making popping up at the Jet Propulsion
elected - official, outing the urging Of the State Franchise •» toctlfled Rrnwn Laboratory in PneariMa +i.~
_ people had better T ^ L ££ ing the system argue, however, desert After inspecting the
understand that was the thrust Pending u.s.-U.K. trade treaty that California stands to lose shuttle, Jie urged Congress to
of these and other well-publieised which would eliminate such ex- 3125m ' a year in tax revenues fully fund S167.7m. worth of
m. .... trafomtnnal tavae hk rtnlifnr* :e J . . - . i .
Department, and' both agencies moment conducting hearings’ on the U.K> is retroactive. velopment are critical to the
died. The. state's business com- the treaty in Arasbtogton. While -■ cautioning that the country and to California," the
munity became - more vocal In Governor Browns move is governor's call for a re-examina- governor said in telegrams sent
its - complaints, that California seen as an attempt to jure Jap- tion of the unitary policy is not to key Congressmen, adding that
anavits governor were “anti- anew manufacturers to Cali- necessarily a sicnaJ that he has “jobs created by such funding
- fo™ 18 before next year's elec- changed ‘his mind. Mr. Gray will be warmly received in
" Ea «“nes across the country tion. Tt is the second time Mr. Davis. Mr. Brown's cliief of staff, California in view of the recent
told of the deteriorating business Brown has advocated softeuing admits- “There’s no question the actions taken on the B-l"
'mr*---
-if.
6
AIBSAJSiaAlTIMES SURVEY
VENEZUELA
SEPTEMBER 30, 1977
The Financial Times is preparing to publish a survey on Venezuela
and the main headings of the proposed editorial synopsis are set
out below. ,
INTRODUCTION Venezuela after the nationalisation of its oil industry:
President Perez and the problems of affluence.
OIL PRODUCTION The experience of Petroven since nationalisation:
prospects for new sources of crude from the Orinoco tar belt and from
offshore deposits: an ex amin ation of management and labour relations.
OIL MARKETING The international selling strategy of Petroven; the
position of Venezuela after the establishment of a two-tier system of
prices by OPEC.
BANKING The growth of domestic banking: the importance of Caracas
as an international financial centre.
MINING Prospects for the iron ore industry and for coal production:
Venezuela’s gold and diamond output.
STEEL The results at Sidor, Venezuela’s principal steel plant: plans for
development of a new industry in Zulia-
ECONOMY. (1) Dealing with very much increased government revenue:
production and inflation indices. ~
ECONOMY (2) Record oil receipts have been accompanied by record
import figures: the growth of reserves and- their management -
AGRICULTURE Government plans for reactivating the farm sector:
progress in the production of food. •'
TRANSPORT Plans for the development of a rail network: the airlines
and their record: how shipping and the ports handle the present flood of
imports: plans for further shipyards and/or a Venezuelan tanker fleet
ADVERTISING The development and penetration of the media has
opened up big new opportunities for the Industry in a period of affluence.
NUEVA ESPARTA The prospects for development of Venezuela's off-
shore tax free holiday resort '
The proposed publication date is September 30 1977. . Copy date is
September 12 1977. For full details of the synopsis and advertising rates
contact: Helen Lees, Deputy Overseas Advertisement Manager, Financial
Times, Bracken Honse, 10 Cannon Street, London EC4P 4BY. Tel: 01-248
8000 Ext. 238. Telex: 885033 FINTIM G.
or
P. Caramian, Apartado 60998 (Chacao) Caracas. Tel: 283 5401.
FINANCIA1TIMES
EUROPE’S BUSINESS NEWSPAPER
The content ana publication dares of Surveys to;. the. Financial Times ace subject to chance at tte discretion
of tne~Bditar>v ••■■■■
1
OVERSEAS NEWS
. The Financial T^es : Thursday " -
TK
BY OUR FOREIGN
MOROCCO HAS flown $0 troops der with, the former Spanish
to the desert mining timtre of colony of Western Sahara. In
Zouerate in north -western Mauri- February last year, the area was
tania. to help in 'defence against ceded by Spain and divided be-
attacks by Polisarlo guerillas. tween Morocco and Mauritania,
backed by Algeria, * an. official This division has been contested
source said in Rabat yesterday- since by .PoUsario guerillas.
This first open intervention by Morocco has had troops sta-
Morocco was taken within the tioned in northern Mauritanian
towns for some months, but this
direct intervention is. to coun-
ter the. Polisarlo strategy of
putting pressure on the weaker
ally, and this refects Morocco’s
concern about ' Mauritania's
weakness.
Mauritania’s armed forces
have quadrupled in the last year
or so to more than 12,000 and, as
a result, most of them are inex-
perienced, and are overstretched
by having to police a vast desert
area twice the size of France.
This has made them -particularly
vulnerable to Polisarlo infiltra-
tions which have included, be-
sides the . assaults on Zouerate,
two attacks on the capital
Nouakchott In addition, the
increase in defence spending has
meant the halting or postponing
of several development projects.
The attack on Zouerate has
a second motive — to draw : atten-
Sri Lanka’s leaders
BY MERJYN DE SILVA AND It K. SHARMA'
FEARS that there could be -an Jayemardene, the leader of the .1971 iusu^em^’ whoh, was: iefl r J
outbreak of countrywide yioleiidB main exposition party- ' ““^tented jbuog
after the results of the 'general The appeal hae been sup- javewardene, the oMosi ’’ ••
election are announced on pWmented by another ooe^ signed
V
extend ^ restraint and nonviolence
1 mavkniim co-operation - to -foHowiog the elections.
citizens
** fldently predicting . that hi« Vj • . - -
,. .. _ r i United National,. Party ■ woult
P?kce to *?sure “iere are no . Over 70 people have been gain overall majority in tin J
wolent incidents. . killed or seriously injured during elections, -The party currtntia
Mr. William GopaHawa, .Sri th&: election campaign-^me othoWs 17 .seats, but the 71-yeano(i
Lanka’s president, issued. The the . most bitterly fought since oposition leader said-his .
special notice in the. names 'of. independence. The violepce - has servative estimate ".Tyis. that bl . ' ' ' ,
Mrs. Sirimavo Bandaranaike, the raised. -fears "of a recurrence -of party, would' .win. 100. of.the.ls:>.-
Prlme Minister and Mr.' J. R. the -agitation, that, lead to. the seats in' the assembly. . . a
tsf over
terms of a mutual defence agree- tlon to the problem of Western
ment concluded las&ttay. Sahara In advance of a special
The transport of Moroccan African summit due to be held
troops on Monday , and Tuesday in 'Lusaka next October,
in Hercules C-130 aircraft fol- Polisarlo has yet to obtain fuH
lows the attack last ’Saturday oo official observer status.
Zouerate m which ■■ -Folisario The airlift follows c on suit a-
guerillas claimed -to have killed tions over the week-end between
46 Mauritanian troops and King Hass an of Morocco and
wounded 120 others. Mauritanian Mr. Hamdl Ould Mouknass, the
sources, however,- -said the Mauritanian ■ Foreign Minister,
attackers lost 37 dead for four, and the re-organisation of
soldiers and one civilian' killed Mauritania’s defence organisa-
and a dozen, others wounded. tion. Colonel Ahmed Ould
The attack did not -apparently Bouceif, the former chief of
affect the working of the iron ore staff, was appointed to command
mines, which account for more the northern part of the coun-
than 70 "per cent- at Mauritania’s try, including Zouerate, and
national income. They have been Co-Sonet Viah Ould Mayouf, the
attacked three times since May southern region of Western
and are situated dose to the bor- Sahara.
•V—
Libyan loan for Tunisia
BY TANYA MATTHEWS
TUNIS; July 20.
l'.S
Mrs. Sirimavo Bandaranaike
the : crowds melt - away.
Mr.' J.' R. ; Jayewardene : : h
. . i promises of, reform.
SMALL BLUE flags fluttered 1 In A pblnt that he : will eliminate this group will be much sou,'-- •* 1
'corruption..- ; ' after,. ..ss?:"' :
is
Office. The loan
20m. (about 350m.)#' loan divided into two parts. - One part
accorded to Tunisia in jNovem- will finance development pro-
ber, 1973, to finance a number of jects in the south. In 1973
industrial and tourist projects. Tunisia had plans «o build a rail-
The agreement had beerf frozen way line connecting its Industrial
for over three years beedise of port of Sfax with Tripoli and
the all-time low in ' T®lsian- the project 'might now be revived.
Libyan relations' following the The second part .of the loan goes
abortive attempt "at - a union he- to develop tourism in Tunisia.
EryV° C0Untri ? < - : 10 . .Only a month ago. Tunisia and
An - Official ceremony. ratifying B GahM^s
the loan agreement took place G ii!* JS
vesterdav at - the Tunisian over the limitation of
yesterday at me rumsian ^ Continental shelff but it now
/.
You dorft have to be an
elephant to remember the times
of our Jumbos to NewYfork.
B
i&W
m0
0
looks as if Tunisia is well on the
way to mending Its fences with
both its neighbours, Algeria
and Libya.
Kaunda
replaces
premier
By Our Own Correspondent
LUSAKA, July 20.
FACED with serious economic
problems and growing tension on
his southern border. President
Kenneth Kaunda of Zambia
carried out bis second govern-
ment reshuffle in four months
to-day, dismissing his Prime
Minister and bringing one of his
staunchest supporters, Mr.
Nainza Chona, back to the prime
ministry.
Mr. Chona, a 47-year-old
veteran of Dr. Kaunda’s United
National Independence rtrty,
was Zambia's first Prime Miniv
ter after the landlocked nation
became a one-party state in 1972
and the post was created.
He held the portfolio from
1973 to 1975, when he resigned
In somewhat mysterious circum-
stances — President Kaunda said at
the time he could not understand
why— and handed over to Mr.
Elijah Mudenda, who lost the job
to-day but retained UNIP central
committee membership. Another
central committee member, Mr.
Daniel Lisulo, a prominent
Lusaka lawyer; moved Into the
legal affairs ministry Mr. Chona
had been ot&upying since 1975.
Mast reran Uy, Mr. Chona, a
former vice-president, Ambassa-
dor to the United States and
holder of several Cabinet port-
folios, had been co-ordinating the
preparations Zambia is making
'or legal action against BP, Shell,
jiCaltex, Mobil and Total for
4 alleged Rhodesia sanetlons-bust-
the small hamlet of Badalgam asiuepotism and cuiiupuuu..
a thousand or so villagers^ -;Tae UNP, which was virtually . Already both the SLFP . : ::
watched a gesticulating figure onj wiped out in the 1970 election, the UNP- have , put out feer—
a rostrum — the only visible! has n0 r®®! programme to tackle to Tamil leaders. But the
signs of an..election meeting 'infSri- Laiaka’s serious problems of are J demanding their it:.
Sri Lanka where posters, bunt-Ftnemployment, inflation and separate. State — Tamil Eelam-?-:;
ing and slogans are banned. Foif shortages of foodstufib and raw be formed in the northern i
materials. JR's proposals for of the island. The demand p< -
welcoming foreign capita- to a further serious threat to C.'
Invest In a 200- mile “iree trade next Government. -
zone " is under attack both from ■ Because of the three-cornC~_l'.;‘V ..
the Sri Lanka Freedom Party contest it is on the cards ..it:.
and from the United Left Front, Sri Lanka may have to con// ' -
a combination of Communist itself with yet another coalit:^. 4 ’'
and Trotskyite parties which This would deprive it of. -- *
deserted Mrs. Bandaranaike to strong.- stable rule it so tar? ; -
finished her 20 minute -speech, deprive her of her majority: He needs. Labour unrest has tr=u n’T '
less than half the original erbwi ia ' also • being Jttadced on growing — although Mrs. f-.*
remained. - - suspicion that the UNP will undo ranaike claims the unions
This Is no isolated instanced the -socialist measures taken in trolled by the United Left F-Js : --
The same haopened at Mabarai- theipast few yeaht ' and the . UNP are 'delibert:? l- ;
another small town an hour’s w, the 71-yehreld: politician creating trouble. 5a £»>•<- '
drive away. The small crowd driving lessoqs from tbe_ results her electoral chances. Tbf
slowly drifted avrayllvrtoinlrths'Wlbfll^s eideHbH71s''«impaIgn : "not* “liRelyr Unloading of f
after Mrs. • Bandaranaike , began ing oqt promises of .democratic bringing wbat the oppos
Liberia
more than an hour, the ru
audience heard success!
speakers. Finally. Mrs. Srinia
Bandaranaike rose to speak in
monotonous voice, hoarse aft<
a .month’s campaigning,
after five minutes, the
stirred and then slowly mel
By the time the Prime Mini
K. K. Sharma reports from Colombo
some-” Gandhi’s repressive
ports (although, as in □
third world countries, they
a flourishing black market).^- v- _. r .
Recent strikes by such gir-~~r-
v as doctors, and communicafe: .;
emergency workers are symptoms of 's#
■'*'***'" o worse rs are symptoms of'i>-'^
„ role- But there are some Arallels unrest and political discwrta»- ‘ *
® e J* l - n 8 th« oppwition is exptolting that lias been simmering.:; '
Banda- them fullv Mnsr nhvinus fs the. * " ■ •
satisfied their curiosity
of the crowd left.
. But the crowds ar
away much as Mnf. Banda- them fully.' Most obvious is the ve“ a rs"'"and which* enL^--
raoaike’ 8 left-wingT coahtion candidature uf Mrs. Bandara- during^the month-long raiV'' ■'
partners — the Communists and naike’s son Anura, who is con- strike that Mrs BandaraUb-''. - u -.
the Trotskyite iJnka Sama testing from the tea estates of jSelled but whiebteft a^ 1 ' :d ‘ -
Samaja Party — drifted away, the central highlands, and is . ^ •
forcing her to call an election
after more than/ six years
emergency rule./
Mrs. Bandaranaike is plainly _ . __ „ __ ^
on the defensive in electioneer- “■ u ® atl on Ministry for Youth t^e Government and dealt
Ing that has degenerated Into Affairs. Yet his_ presence on the a blow from within. '”>/ : . •
unedifying charges and unfair political scene is reminiscent of
tactics like withdrawal of heli- the kind
copter facilities to the Opposl- Mrs. Gandhi
tlon. • proliferation
t0 family in
delight the radical young In the ...l.
electorate. The l An. who will p% t i^ff^ S T£S k Were Mrs. Bandaranaike i? a
be casting their vote for the J™. . SJrl".,!?!? fartieiar, »nA mn h* ItwnmruFM:
first time in an electorate of .
nearly 7m. are likely to have a JJf'iV
crudal impact on the outcome. Wait
Many of them are un- a minority disliked by the
employed, restless at the island's Sinhalese. The major parties are ON OTHER PAGE5
and dis- “ _
. i— \
• -r
4 s
*»rf#
* esrj
-? Ca
iiura in me laidnu nciL- . _ . , . , , ^ _ .. . ■ ■ .
■ dear cut They have always !? c S cia “ an * can be W®*! I-- > **;: . ..
confused by the communal manoeuvres to r -jir ' .* — , . «
era of the Tamils in the T J0W ® r - 4 ^5 :
,4
stagnant economy and dis- not really contesting the Tamil- -• , _
enchanted wirh the tattered dominated areas and the Tamil “JfernatKMial Company Newu
Left-wing slogans of the existing Front is thus certain to form a !_ ov j? , “S. ar J° mt venture j
parties. small bloc in the new Assembly. Credit Suhse allegations ... SJro
In ,1971 their discontent came if no decisive result emerges Farming and Raw Materials: •
to a head in the insurgency f roni Thursday’s poll, support of U^. sugar market support l .
" ■ '
^ e n loan
As you can see, there’s no complicated timetable relax in our famous ‘Persian
to decipher when you fly to New \ork with Iran Air. Room’and sip tea served from /
We take off at the same civilised hour every day. the only samovar in the sky.
In fact everything about flying to New \hrk with But whichever class
Iran Air is civilised. you fly you’ll get first class
Were the only transatlantic airline that'offers you service when you land. Because Iran Air.usc JFK s
a choice of Jumbos: our latest Boeing 747-2 00B or Worldport terminal, one of the' most advanced in the
our new 747SP, the ‘Special Performer.’ • • world with its own passport control and computerised
On both planes you’ll find the Iraman tradition ba^age handling system. Plus a customs area that's
for hospitality and comfort gives in-flight service that’s ju®* 12 yards away from the cab rank,
second to none.Though the stewardess who serves So next time you’ve got business in New ''fork,
you could well be British. Because our girls come from remember Iran Air.f ~ ”
all over Europe as weU as Iran. And get a flight mr mmm Mm mm mm wn
If you’re lucky enough to travel first class you can you’ll remember. Mm mft
■ • The worlds fastest growing airline.
mg.
While the Presidential state-
ment announcing the reshuffle
gave fulsome praise to Mr.
Chona’s loyalty and humility as
a national leader, it did not
specify why the alterations had
taken place.
Official sources indicated that
-President Kaunda was now
making an earnest effort to
itrenglben the Government line-
fop following some criticism- of
fhls handling of domestic affairs,
and the reshuffle could welt turn
out to be only one of a series of
modifications he plans In future
.to make to the Cabinet fend the
all-powerful central committee..
Recently, Mr. Mudenda was
singled out publicly by the
President at a Press conference
and ordered to prepare a report
on chronic food shortages on the
volatile coppcrbclt which has
been grabbing much of the
political limelight in Zambia but
little has since been heard of the
report,
which Mrs. Bandaranaike put
down only by calling in foreign
help and clamping a state of
emergency on the country-
Echoes of • that revolutionary
movement — which resulted in
break in the country’s post-in-
dcpenflence tradition of demo-
cracy — have resurfaced la the
campaign.
Among the young, the leader
of -the insurrection, Mr. Rohana
Wijewccra, ■ has become
romantic hero with his People’s
Liberation Front fielding Its own
candidates. He himself is still
in prison as a result of the life
sentence he received after the
collapse of the insurrection.
But such Is bis popular appeal
that Mr. J. R. Jayawardene, the
aged leader of the conservative
opposition United National
Party, has promised to. review
the sentence, if his party comes
to power. The promise indicates
the .trouble in store for any
Government -unable to fulfil the
clamorous demands of youth.
Mrs. Bandaranaike extended
the emergency. But her socialist
experiments of recent years—
nationalisation- of the large
plantations, modified land
reform and threats to take over
the foreign banks— have, left
little impget on an economy still
basically dependent on agricul-
tural • products such as tea,
rubber and coconuts.- -
Her Government became in-
creasingly autocratic. As Mr.
Jayawardene has ceaselessly
pointed out since the election was
called 40 days ago, a kind of
“ family rule " set jn. A booklet
entitled M the . family tree " is
circulating clandestinely, showing
a tree whose leases are marked
by official posts held by the Prime
Minister’s relatives. “JR,” os the
- T i?l
:*
UNP leader Is popularly known,
senses victory and ho has
been
canvassing hard, promising clean
d making it a
government am
ART GALLERIES
ACNEW
01 -€>39 _
Until -22 ......
Thun, mtn 7.
GAUJtRY.
I SIM. . i
22 : inly. '
AS Old Bond St- W.l .
MASTER PAINTINGS.
Mon.-Frl. S 30-530.
PI
IEJ.OBOURN*. 63. Qmmi G*m. N.W.S
3U SGOOt SUMMER EXHIBITION In-
cluding nmr pNnttmn by PETER _COKER,
AUSTIN SPEAR. CARIL
WEIGHT.
COMPANY
NOTICES
MAAS. A Sannwr Exhibition or Cnglixfi !
rtrawlBp:- MtoKOlMn M- prtnto. QNiy 1
10-12 ft. IS* CUflord Stravl. :
10-S.
Nmr BOM Sn«,. W.l. Until JgJr. mt
MALL. ART OMUIIID. The Moll. 5. W.l.
P* In tins*' wO- Suriptare
and RoMrt Mom. _ 20 th
Auqgit. MOBU-Pri. 10-5. Sat*. 10-1. Adm.
lre«. ...
.Joan Fitlw,
jyb’.to. «hi i
lALERir AZIZA omnU ART IN G
PETS li. Ad nbibttfon. deiipmd to •
of- Uhr arflitw Mhinemont*
■rrjrrnfl la'iium. An nn "
el rare.r aMi a ntique in
10-7 dallt «sept Svn. A
Jom MnwidtHi vin«ae.
Tel. 01- i»S *727.
CAR- |
■bow i
or
"ft**»in<ftD : irtaDi> An inoorunt collection ;
Bi rare .rms-r-ontHiK inn tan Wn wor ir , ■
Mon. 7 Church'
London SWI9
OM6LL- GALLIRna. *0. AMmarle St >
PkcadlUv. W.l. Fine ZOth Contcrr Britiin f
and Lur«p*«n PiUninps tnd large Seiec- .
* MARITIME PA I NT I
tlon qf
NGS.
PUBLIC NOTICES
cmr OF EDINBURGH
- OfSTRICr COUNCIL
UJ-.
'.Vtijw
T.C.H. INVESTMENTS . ;
Notke it hereby mrYrn to holder --^ - ”
Bearer Dapoirury Receipt* each r*%' 'li; .
writing one-tenth of one dan'.'/ -t .
the 'Annual General Neetmi
T ’? H l"*«w VM a--' . •'
be held at the oQu of " ^ - • * -
tonjpinr, *
wn«
Itth
The .
Anrioal
nailable
Rweipu it the oBto hJ V ,:**• "
P-anon, Hrldrim A Pienon
nrtCi|fU .
» »ote may be obn : .V;
" Oopmiury Ren. ^ I*
!0
1-5m. MHb' Ueoed 20.7-77 doe 19.10.77
« 7 ss-Mrt*. .AnoHouofr* i jm
3 m, bills, mrutamting.
proxies
Jar each
delivered. -w.
Willemstad. Cun^w. '
list J«Iy. 1977 . -A.
Caribbean oEPosrrAr > .VJ i K,
COMPANY N. 1 . fee :: r ,
I-!'
\
CORPORATION BIU5
PERSONAL
U.Om. Oldhem JWto. h
7 . 1 •*;£ to jwwtt* iflto
lions C24.0OL Ton □
*HLsrjBau£
oamsotong xS 0m.
LONDON BOROUGH DP REDBRIDGE
Slits ame.
?n 1 8tJi _ .
l»Ui July 1
rate, or 7JI 1
totalled £7,
M WHS In ._
Pr ke. Boroosh Treasurer.
■ 1 BT 7 we issued an
* J** * *«+•«* tf necen I
o K . AaoMetions ;
0,000. .The total amount!
» £2.600,000. C.U
WATKSRO BOROUGH COUNCIL
KM.M9 BIIK-MfaNd T 0.7.77 man,
'0-10.77 at 7ij%. Total atKKieal
EO.Cm mi» outstanohm £700X00.
WEST YORKSHIIU
.METROPOLITAN COUNTY COUNCIL
U.Sm OUAV Mils Iv - -
gw... : srn . paggg. J*Z?. at** 1 7^64??? j
itnuieafioai mom Utm.
hiHi uumsMtoQ.
No amn i
SOOETAS
f/
A new vemare to frteun; reiat
«w tmafftnativc people vho
wcletnu toe opgortmarr of cmriiB' ’k.
ifmr «mai picason widi tbrir itv^ 'IHil
— - - k i ; ^ &
. jr , ‘3 '
If yon would «dor Tte conuyzfi*"
3 tost of new fneada.
«3. who bill be
«wal activities
MRS ROSAMUNDS JTVSSCtl-
01-230 2748 WHO WILL HE HA*--
TO SEND YOU DETA&S.
' ,cua *r$ an ^
Xbaies ;T3uris&a£: July ^ i 1977
ORLD TRADE NEWS
HOME NEWS
for
%
.arrow shipyard w ins ge pledge
§>5m. Iranian contract %£?■
GRAHAM TEHRAN. July 19. B 7 Miehael Donn »-
- - r - (SHIPBUILDERS') spent the last two weeks in 0 r ns* ■ AIRLINES AND aircraft nuura-
. r >..ed a contract to build Tehran finalising the deal. and i* 13 on between Brlta,n facturers who hare been show-
' ! —t support ships for the , vessels, over 300 tcei in n „ ing Interest in using the new
- ’ W The pontrart. fore. 1 9® h and w,lh a 2 ' 300 to n di* Ro - v Rogers adds: Commcming Franco-U.S. CFM-56 dvU aero-
T placement will be equipped with °n the order, Sir Eric Yarrow engine have been given an
•> : last Tnursoay in tne a sophisticated hospital complex-, s aid yesterduy 44 Ji is particuiarlv assurance by General Eleetric
• . Times, is estimated to helicopter facility and extensive satisfactory to have a reneat 01 xh * VA thal the engine will
about £55m. naval communications equip, order of such a size— the lar^ust con G" ue ju development and
> . B£RT GRAHAM
Concorde Washington
flights up to 6 a week
facturers who have been show- MICHAEL DONNE, AEROSPACE CORRESPONDENT
mg interest in using the new unfTISH a to,*.
Franco-U.S. mW- 5 R rfvll r ** 1 »“ AIRWAYS. WhilP wait- The RA itadcinn a)
nniiwv.a. ijciusid civil aero- i _ f Dr - AYS, while wait- The BA decision also shows A passenger coming from -the
engine have been given an . Permission to fly that, in spite of having to pay an American West Coast or Mid-
assurance by General Eleetric r£j v '™ lD . New York's Ken- additional 20 per cent, on the west is clearly showing his
of the U.S. that Uie engine will iZzt * n ;r rT ' ls t0 increase from normal first-class fare to fiy preference for speed, in spite of
I_ J j four LO Six n urnulr ,l« n U •+ -J- )hi> fkn ..... ,
: about £55m.
of the UA that Uie engine will tn si 1 ' ls t0 Increase from normal first-class fare to fiy preference for speed, in spite of
continue in development and ■ a week the number Concorde, passengers want the the extra cost, by travelling to
thni its mkI uill nnt n.a !■ A " 6*111 II nUlkes 'A'ith ihn oil*. (MrtP# cnppil fTnn<*nrria nmrlHpe. Washinnth* Hthsr than Now
Skytrain
bid to
ease U.S.
curbs
By Oar Aerospace Correspondent
tract is on a cash basis is expected early in
Royal Navy and is hoping to 5 V, pe f onic J R_1 timber origin
i - r ° w nllv ErtlAnrlnn Cam T1 C AC.
V "M «■». oil barter .n"four“ ve^S * fourUl j'^ rc ‘ n,< ' nll " i lor US - AIr
fiTJUi W X B, «riUM t he B-l
•i-jfo years to negotiate first to be signed of a series *r ^ L, ° ,st0un > ard i along with Iwo reecntly. President Carter-
;/r executives of yIhw! mflltanr ded* totiWin? ah 0 m r Pe Vn ^ ng ? tos - and U» third , b ” k lll Bhar P , >'
S’-* *■ Boh aJR£Am 2ff®“ due »;*•
I This raised fears among.
I , _ a a -tr r- /'t A prospective users of the CFM-
LOtest over -IJ.S. Dreferenr^s: JMS'r-sfs isis
• preferences
‘Y ROGERS
This raised fears among
prospective users of the CFM-
56 that this engine would be
robbed of much of Its deve-
lopment background. They-
also felt that in order to com-
pensate. (he cost of the CFM-56
to eventual users would rise
apd that its development mi ght
be delayed.
Mr. Gerhard Neumann, vice-
president of GETs Aircraft
con tern- would submit written and, if huS amove SSSSffLrJf ^ Gerhard Nemnann, vice-
th* U-S.-Ttaey decided necessary, oral evWeoee to the in hi- SoiS? KS lden * of ***• Aircraft
(.evidence to the Home U.S. House of Tlqpreseptatives promised to eSm/Su s SnSi Gronp, has now stated
esentatives and the and the Senate. .. . a ° sh^S J? Yn P at 655 ^ Ahsorb the
a bid to avert them. The connciTs aae- will be ?argo H AltSouehte haa^SSiii development costs of
'' J ,natton Council of the based on clalnWiV^ftt cargj BS- ft
Sand Japanese National preferenc* momftmn the U.S demands from M per cent, to
gri' Associations was w £“W almost ce^iuty spark 9 per cent he would appear to
S^Jfo^ re<1 ,he CFM-56 resulting from the
_ ,oss ot Hlc engine back-
^ “ w^ would almost ce^gt spark rSTS^bi To SS£ P £?S Si?
in- London, following similar meastues by other be fairly strongly committed to clear, loo, that GE won I d con-
SprSdeiu cirteVXI wtmtriet , -Mi .l WSUy InlU- .h, p«te t XS*prin°SlE a°« My to mppon the CFM-
g measures which U on aiy ^result*. _ Should the legislation be , , . . .
luire 4i per cent of all Broadly smxHar CarRO prefer- enacted, its immediate effects a - S* e ° K l n f b already being
abour group attacks inequality
i National Health Service
Id- rise to 9} per cent && were passed by a handful ports. The construction of more **“ abo 1 bee “ designated by
. years. • of votes— only to be vetoed by lankers, at a time when many ™“ y a,rc ” f * mannractnrera
• « ^ the then President. Ford. such vessels are Idle will for fntnre airliner programmes.
» Ross-Be 1 ^ secretary That Teto wv , -exercised on cxacerba^ the worid tanber
-f the countil. add that the grounds of.aihUtiohal costs crisis: however UOEing
‘ ' These include British Acro-
® ”? owt - of ^ 0 space in the UJL, which spech
fies the CFM-56 for the X-
Eleven project and Aero-
- erved — there had been
.he U.S. for reservation
r cent of oil imports
e served — as upon the
Liberian flag safety move
byour smpmng correspondent
=?s&5s57 'SzttSL'Ssjt
cargo Imports. - The mows, prated by the to a series of recommendations next year.
• a sad irony that a Liberian . Shipping Council, proposed in April by a task The world market foi- the'
rA]y free-trade nation include -more frequent inspec- force of the Liberian Shipping CFM-56* therefore, is poten-
-U.S. should, for the first bora of labenan-fiag vessels, the Council following the adverse Uaily so great that GE believes
-erve normal commercial establishment of : a:. world-wide publicity received as a result of & «s well worth while to pick
■■U its trades with non- computerised : information a series of accidents involving
_st countries to its owp system to identify w®
1r. Ross-Beldr said.- come due for regulfe
as they Liberian Flag tankers in and
lections near U.S. coastal waters.
-*N renewing as Inter-
jxtiles agreement seem
7;
ounce- ttqfdeadlock formally.
GENEVA, July 20.
arguing - that 1
supersonic B-l bomber origin- l£r inpi^., ,nt0 ”“' e d *o meet North Allan tic route. associated support 'equipment, in- ? ?. n r ?' a " as ‘ 1, °{J'
ally intended for the. U.S. Air SLnSfr deman d for Both BA and Air France have eluding a training simulator! Worth to the list of places it
Foree. between the demonstrated conclusively, how- _. . . , serves in the U.S. British Gale-.
Bv cancelling th. tit an . d American capitals, ever, that Concorde can beat . "r,™* r *“^ ns 9° - ^ doQia n has announced that it
recently President Carter s ?! d >‘psierday that since such fares discrimination against W| U eventually win rights plans to start flights to Houston,
effectively roTtark £2Sr Conwrde service it. The journey time of just f^Conrorde to land at Kennedy. Texas, on October 23 and has
General EleetaV* F-1Q1 SriSi ,n last year, the plane under four hours, cutting the «■ recognises that this also asked for rights to Dallas-.
C25Ji™ m. ca / ri '- d 24j>S9 passengers at westbound time' to- the U^. by ^ still be some months away Fort Worth.
This P raised La amnnr fact “« fihe number Of about half, is clearly considered *££*« the legal complexities At the same time Laker Air-
r ni;;ht - old ' often reach- by passengers to be weU worth ^e. Port of New ways, which under the new pact
* 1l ’ r c<? nt-. and averaging the extra money. Many of them 5 objections 10 the aircraft becomes the second British
rnhL™j *r c ^ nl - ‘ are American citizens. It Is for this reason that BA is designaied airline for the Lon-
tertiLnU s gbsterday's announcement is Another feature of the Con- now .considering expanding its don-New York route (ifler.
lh l y n 71 3,1 a d,ro « indication corde Washington service is that route network, by Qying Con- British Airways), is asking the
S: 1 ihL LP, 8p e .r° L r i of New York Author- while some passengers do come corde to Singapore— by agree- CAA to improve the terms of its
Kirni « Which is currently objecting from the New' York area, the ment with the Singapore Govern- existing licence to run low-fare
ind that its 3r Concor fo Ending at Kennedy majority are coming from or go- ment and Singapore Airlines- It Skytrain flights between the two
Z deialid! deveIopniei,t “**“ fe on - rhal is increasingly ing to other parts of the U.S., hopes that flights to Singapore cities.
a rj , on traf flc to Washing- and some kind of connecting can start this autumn, and that The existing Skytrain licence
mr. uernard rieammp, yin- ffif through its refusal even to flight to Eastern seaboard air- early in 1978 they will .be ex- allows Laker to carry 345
or 8 Aircraft j««nit Concorde trials. ports is essential anyway. tended to Melbourne, Australia, passengers on each flight in the
^ n *?« G , r ® n R* *“5 n ? w «*ted ^ ^ . summer and 189 in winter. Laker
hat GE imelf will absorb the 1 " ~ ■ is now 'keeking permission to
devel opment costs of vhr w . . -■ • '■•j carry the full 345 passengers on
SaSSSSS. fLabour group attacks mequakty
In Nati onal Health Service Barw-S
The engine Is already being ■ ■*“ ^ Aivilllll v removed. These include par-
light-tested in a CaraveUe and fe ticularly the U.S. ruling that the
Skytrain be a one-year cxpeii-.
ment only.
Laker's view is that if it is
the properly designated U.K. air-
line to New York under the new
agreement, the U.S. cannot im-,
pose such restrictions upon it^
The principle of dual designation;
under the pact; provides for
equality of operating oppor-
tunity. which liaker clearly does'
□ot have at present
It seems likely, therefore, that
before Skvtrain starts operating
in September, there will he
.moves by the U.K. to set at least'
some of the restrictions removed.
The fieht between British Air-
wavs and British Calednnian for
rights to Daltas-Fort Worth is
likelv to be bitter. British Cale-
donian believes strongly that the
UK. negotiators did not give
adequate consideration to its
own position when agreeing to.
the Inclusion of Dallas-Fort
Worth in the agreement
The pact provides for a U.S.
airline to serve the Dallas-Fort
Worth to London route exclusi-
vely for three years, before any
U.K. airline can come onto the
route. British Caledonian says
this will cut some £5.Sm. off the
revenue from its route to nearby
Houston In the first year alone.
LABOUR working party
tenia y described Britain's
ilth standards as "savagely
squal " with three-quarters of
te hospitals 44 technically
olete."
he report to the Royal Colli-
sion on the National Health
vice, paints a picture of
ler-financing and says that 50
cent, more than the amount
Eleven project, and Aero- cent - ^ore than the amount
spatlale of Franeer which ofr money already recommended
specific# it for the A-200 design n ®^ ds . t0 be spent on modern sing
— both short- to medium-range bmldines.
designs for the future. It suggests that all NHS charges
Meanwhile, Boeing of the' abolished and says: “The
U.S. is developing 1 new ver- main objective for health policy
sion of Its highly-successfal over l!,e n «xt quarter of a
are the 707 Jet airliner, using' four century should be to narrow sub-
response CFM-56S. This Is due to fly stanttally, if not eliminate, the
endatlons next year. .gap in health standards between
r a task The world market foi: the' *f the United Kingdom
Shipping CFM-56, therefore, is polen- between different social
adverse tiaily so great that GE believes ^a®® 65 - „ ^
result of it Is well worth while to pick u _P e 59-page, report, prepared
involving up the additional development ' * working P^rty (haired by
costs resulting from the loss of’ ^*1 Castle the former
the - development experience goes ol J : T ? 1 ?
that would have been gained NHS and the personal social
front the F-I0L • services are under-financed, and
Mr. Neumann stresses that ?^ e always beep under-financed,
-the CFHR66 programme will .compared- with comparable ser-
remaih on schedule* with the'' V . . . .
engine expected to get its Aijr- . Md i® “St,*? v ^?S?Lr 0 l~
worthiness Certificate -laierdis to replnce obsolete buildings, to
X - • .- 4 -
year. - . .- .v-
• Internationa] Aeradio (TAL).
the Sontball-based aviation and
£xmes_ agreement seem -/The - textile negotiations began workers engaged in themnnemt SonOUUJ-Dased aviation and
rtain to end in dead- in the coraftuttee last July 5, but industry threJranH^ISS ^““^‘^^o^. ^bnicarscr-
L "
IK--:
' SjSOi-.
•fc^as-ip- >■ -
- *' -
v •
A. -.
^ -"5- tl
-+ ••
■ #r. .*••
-■’*»?ps£ . -j* . -
■■
•' . . . '
V-i v-iT'o .
• •mjf r. ,'/■
■i *■ t^>i. '■ m '"
■ i.
i’
7 r--fr~yX-\:r'\
— ruiio IU EUU 1U ueau- in me eomminee last July a, but indnatrv WAti wbwhmhwuuiib wuuh
.. - ? riday because of dls- adjourned after three days when uaetSvm^t S vlces group ’ which .Is
."■between tiie EEC and delegates broke up to make more S£y™od to lose^KasoSf h X. Briti f ac ! 1 31
behlnd-the- The^CoSrci jSSiSS^ ££"££ J?22S Mi?
- iformed sources quoted scenes . discussions. fn™«^ tv,»
* u*es Sd^that ibdia, ST DeIhl correspondent had unilaterally ended the lime % lift ** 1 ^ ^ I accommodation for"tiie
.T^rwereJiiSS ttat put no quota
MT. Moraji Desai is expected to restrictions
The ConuneTce. Minister In-
formed the two houses that EEC
More needs to be spent- both
to replace obsolete buildings, to
raise sftndards of care and cue'
and t« develop preventative
services.? \
About * three-quarters of the
country's i acute hospitals are
technologically, obsolete by the
criteria used in Europe and the
U.S.
So was a high proportion of tbe
■ y
- aW v* ,-jT
iHHStS fiffiasasassa^r sood f„ , . , ssatA s »| ior soc,aj
tepored by Sie SSc on .SX-jJ*!*** . wth . S ,y pital, a complete re-thinking of tbe first to go and, the report
! or the care of . . . .
mentally bandl- commended in a consultative Tne Government is not neces-
ilderly. document issued last year, was sarfiy committed" to the reports
SSSl’SAS Mr, Barbara CasUr. ch.irn.aa of tte **£T£»
X« ± U so was a high proportion of tbe tO blllM
m 19<6, against just*, .over accommodation for the care of A
£2Jm. in 1975. - the mentally HI, mentally handi- commended in a consultative The Government “ is not neces- £ A m nninG
The liumover xmountedf-to a cappe ^ and the elderly. document issued last year, was sarfiy committed" to the reports db^tille UllltC
« ree °rara ' .X”; "Th^ have »>een dramatic needed to modermse or replare proposal^, Mr. David' Knnals, ^ M
fa l® 75 - T 5f*~ IA ^ ^ naI change^ in tbe technological buiWwgs over a 20-year, penod. gecreta^f^. Social services, By Rhys David, Northern
ou cuu W LUC inuntuMiig t~ai v . _ .. . ... re P? >I i t I? 78 *.™®* reran jwas requirements for an acute bos- Prescription charges should be stressed. *' Correspondent
■ d ror a fiirther five j*jj D05ef i .1.' ■ wn on ready.' * ^ nd ^ a raised the issue with mainly due to overseas opera- pital, a complete re-thinking of tbe first to go aniL the report * WORK IS to start next week on
■8*235 -wi* *nn S^5rmen?hnports froSfthL^ , ' th ® Textile Sorvemance Body of Hons, throughout the#. 51 the function of primary care and adds: “We are resolutely op-. • The cosfof the National Health g £4^ office block for the
7 country. The Commerce Minister. GATT most reluctantly, the T,^. ^_£„7 OVer the development of new patterns posed to charges in the NHS." Service to Scotland last year ro»e co-operative Bank to rehouse its
» influxes Mr.' Mohan Dharia, told the Minister told agitated Lok Sabha JSSJ?’ ■ gro,|l - p s revenue is & services for the mentally ill. Taxation should be the pri- 32£ pef 'jpepL on the previous headquarters in Manchester.
on*goods wMch^it* said Indiah P^kmentthat the inS members. It WaslL) Ws hone wh^ handicapped and elderly which mary source of money for the year, accdrSog to the annual The building, due to be com-
&S&SM sSHSS-: SsiSrSi
There have been dramatic to. modernise or replare proposal^ Mr. David' lCnnols,
• SirowB half a million b f®* n f e ^ unhelpful tn- India's favour and that the of the British Airways Board,
- . of work. r attitude. * earlier agreement would be says that In 1977 opportunity
-nation textiles com- The EEC quota restrictions on renewed by end of the year, when will be taken to explore new
he General Agreement. Indian garments was discussed it is due to lapse. The EEC foreign markets. -
.’-’s' and Trade . was in the Indian Parliament yesfer- accounts for 27 per cent of
: o meet on Friday to day and again this morning with Jhdia's Ds.7bn- textile trade.
against £446m. in 1975.
^den
.siders
;1 curbs
Yen loans for ASEAN
' ' J . TOKYO, July 20.
JAPAN HAS virtually dedded mltment when he attends the
Schiphol steps
up fight against
new airport
AMSTERDAM* July 20. '
Wages safety line ‘belo# 15% 5
talker
says that in 1977 opportunity per cent, higher than that re- tive means of financing against £446m. m 1975. hall, computer centre and five
will be taken to explore new . - floors of offices.
foreign markets. ; • ‘ • - . The development is on land
Schiphol steps Wages safety line ‘belo# 15%’
Yen lo ans for ASEAN U P figflf against BY MICHAEL BLANDEN I office development for which the
‘ TOKYO July 20 ^OTt V*
- „ TOKYO, July 20. AMSTERDAM jniv 20 ove^ the nnt 12 months must * jj* differently month rule might hold, but ally to be undertaken in associa-
JAPAN HAS virtually decided mltment when he attends the be kept well below 15 per cent. precisely the apparently holding out little real tion with British Land but the
to: extend yen loans equivalent ASEAN summit meeting in J if Britain wants inflation to de- same in total value as those pro- hope-. "’Mr. Healey’s annouce- CWS will be going ahead on Its
to Slbu. to finance five industrial Knala Lumpur next month. He ST celerate further, Mr. Michael posed in -the March Budget ment to a- jolly and cheering own with the bank development,
projects planned by the Assoeia- wall also promise efforts to Posner,. Reader in Economics at “Everythin* is unchanged In- House :qf Commons was an The project is tbe latest tan
tion of South-East Asian Nations stabilise tbe prices of ASEAN’s 55? f fj£ Cambr tee ^ ^armies in ttrStert eludto^nuSfe rector^ ^ boSSving om ittows ivent,” he comments, series of moves made by the
(ASEAN) according to '.toe primary products and expand 2S^ ouStertf eeraSSTc ?eitew^ fSm JSuSemMt Sjldt toe mraetaw He alafl- gives a warning about Co-op to rehouse its main
Japanese newspaper Yominri. Japan’s purchases of them, as stockbrokers J and A. Scrim- taraets” Mr *” PoSer ^arguM, the posottfe impact of North Sea administrative functions in Man-
Shimbun. ' . : well as study, during the coming “J XSSiJ^SL Seomr “Sim that the kevstone of lhe oiU opAg views which sug- Chester. The building contract
J 1 WSwlSSL 1°. ? 0k *° roa -i d of J D ®« otiatio °? tor JeLdL f He ‘says that if this cannot be cdifiSfc mtaXxg* fiwt thk&toe pound should be has been awarded to Henry Boot
T1 Japanese newspaper Yominn- Japan’s purchases of them, as “JJJ” *?« - 5Sf cl Ii2i w .f l, f Lu
■ J 20- . Shimbun. . : well as study, during the coming ““Pf national^ a ^ r P° rt will
Gbvemmenf is it quoted sources close to- Tokyo round of negotiations for " * j ne fr ,l Ct * eonp “ of
r - ;.-l imitations -on com- Prime Minister Takeo Fukuda as. linear tariff reductions, extend- de *» «cs at 1
fxi! t i*el unports, according saying the decision was yet to Iqg preferential tariffs for “ reckons that toe number
jiel imports, according saying the decision was yet to xqg preferential tariffs for
> business magazine be -finalised, but the loans total -ASEAN products and abolishing
^ffarer. Tbe magazine was the full amount requested non-tariff barriers, the newspaper
,to report, that the by ASEAN, which groups Slnga-: added.
lf Trade: ix studying pore/ Malaysia, Indonesia, the . .He will Tefrain from any cam-
aecafiM a? ipasL ■ aujo uial u a. uuuvt uuuiw — ^ -> ■» —
-It reckons, that the number achieved, whether by wages He maintains that nothing has allowed _|o appreciate w ConslracUon. w h
of nassengezs handled, which policy 6r any other method, then been added to the Government’s change mark em as a result of In another Manchester pro-
rs. s; ss:.ss. £popJ2sjss.
Pbre, Malaysia^ bM.- Ihe He wtil Tefrain ftom any com- ^“*£33? so STl US ffil jSBuSS accdefate u? Sd « chilta being danger fa that the resulting in- £3.75m. Victory House a 200.000
'.means of coiitroUiiig Philippines and Tbajland. ^..,nntment but will promise con- wards from that already dfa put on for the annual jousting crease in the country s Income square feet office block in
1 steeT imports- m such The five projects are earn bW ttoaed studies of introducing a 01 iressingly high figure.” which we laughingly call ‘free would -.be- wasted by being used London Road, from the Isle of
‘ they would not affect rtor. of urea fertiliser plants in m>Kiwm +« As larger aircraft are being The paypolicy statement by collective bargaining'.”. “to finance our idleness rather Man-based property developers
' they would not affect tion of urea fertiliser plants in system to extend tow-interest la 5 s * r air pvft are betog
.. i considerations. Malaysia and Indonesia, a super- loans to ASEAN nations to coin- nsedl “* number of aircraft
[azine points out that phosphate fertiliser plant in the pensate for decreases in their 1 ? ov ? mc ?_ 8° “P “®re
the imported com- Philippines,- a soda ash plant in export incomes and the creation slowl y»' by an average of li
‘.■el comes from Japan Thailand and a diesel engine of$A400m. fund for this purpose, JS.SSf 1 . -*™ ey amo “ lt “ ■*»
. -The import of com- plant in Singapore. i- of. a ®A400m. fond for this pur- shoMld
cl into Sweden. during The newspaper said Mr^ , pose, the -newspaper said. Te 35 l
■ larter of this year was Fukuda will make the loan com- Reuter The airp@rt aamoifty said
Per cent, compared • here to-day mat under existing
• line period in 1976. — r -: .. ■ — — —
v steel . suppliers’- share - nr •! 1 , '
. .whiie Swedish com- lillJCl action over patents
■iel exports fell by 8 ' -
' uririg the first quarter BY IAN 'HARGREAVES ; ‘
■ rteadniTthroush THE LONGBUNNWG dispute are said to be e^ectaUy strict
morerarats 11 ^! go up more Mr - Denis. Healey, Chancellor,. He takes a gloomy view of the than to increase our prosperity." I Jongra.
action over patents
BY IAN HARGREAVES
132^00 last year and should GLOVES OFF IN THE SUPERMARKET WAR
reach 160,000 in 1983. - ■ . '
“IsIsS Breaking the unwritten rules
mneh resistance locally to the ' - .
building of the runway. BY EUNOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT
nSE^S ySr^bSore CARREFOUR, the Sonthamploo in the local Tesco and £15.38 ' On , difa basis. Tesco came out some well-known index of food
the energy crisis, and drawn hypennarket, is taking the gloves in a near-by branch of J S^ns- second Cheapest w °nJ Jj«J p Th ' feeljnfi SGems t0 havo
up by the airport,' KLM and off in the advertising war bury, are likely to upset_ other Safeway, whidi^ was- chafing luting seeing to nave
Jteadiiv througn isr/o, mu I0 W espwauiy SLnci “P ««= uu ™ Ui«s auvemaiug w<u uuijr, ® ., r - " -JL 1Jf 7o' _a hm>n that rtirart rnmnarienns
during the firat quar- 1 over patent rights for "Pbencti In I nrridng assessments bn the civil aviation -authority— between supermarkets in the food retailers in the vicinity, £15.50^. fa its Chandlers Foxti . ^ other •nxtiermai-keta’^riceK
i o uie i i mo nnntafnui* 9 CAnth *jr u„ hu.ni.in. M« n « nf vh M orA iiHnp th» ctnra wiui Diner superiuarRe is prices
jirBLiit
ECGD
Sj guarantee
fynmes Reporter.
Hqtiid natural gas containers patents. . put the number of ps
“between Setter, the Spanish - Sener’s product now has patent to be handled In 1980
engineering- company, and Moss approval in nine . countries and compared with toe
Rosenberg, - -toe Nbrwegfan grip:- Moss Rosenberg’s in 1L estimate of HWm. .
builder, has become the subject - . The acrimony between the two The revised eatimal
of. a Bibel action in the UJC. . -- aicies ls nof eased by their that the airport shou
The two- companies are already fierce competition for a lucre- full capacity between
locked in suits against each other trve offshore contract in Iran. 2000 (the previous
in Spain -over the straightfoiwarel : \ was 1985). Its _p
Art Credits Guarantee question of patents on each . ; '
SSta'fcSrtJW; ^.Siemens. in Veneraela
-the Comprehensive ment made to the trade Press Siemens has received an OTder
erms Bank Guarantee, by Moss Rosenberg- : w orth PMJ22.7m. fiom toe firm
* mi a ran tee will be In this 1,200-word statement, CVG Eectriflcactou del Caronl'
policyholders— cur- Moss accused Sener of ptagiaris-. of Veneznala CJL to deliver
totol of about 30 tag tis design. i «w of five water powered
who make consider- Another development yesterv generators for the extension or
f the Comprehensive day was the announcement -thar -the hydro power station Guri
finance for such husi- Sener is taking as further sup- -which includes Hitachi, ^ Mt-
oeeh negotiated with port for the originality of its rehlshl Electric and Tokyo
a- case-bycue basis, design, as tbe German authorities Shibaura Electric (Toshiba)*
we u»u uvuuivd auuiBtuy — aupturaarKeifi m iuwu * t -‘“**'-*f — *' 1Ln ^ <nirtprmarkptq’ nripps
put toe number of passengers South of England by breaking many of which are using the store. ^ ^pem^Kets prices
to be handled In l980 at20uL, one of the Queensbenry rules of media heavily to boast about Cafirefonr. which yesterday «n be ““jy ' c “ ip b ®
compared with toe present f Qod advertising. . it is to use their prices' at the moment proudly displayed to journalists 11160 oy retaliatory price-
estimate of I0J>m. . “knocking copy" in new Press Carrefour. which has always shopping trolleys filled with its C0 ‘“ n S-
The revised estimate means advertisements comparing the claimed that, its- prices are competitors* more expensive .JiJfK ^ n»iU wJEiiS?
that the airport should reach P^ces charged in Carrefour for cheaper across the board than goods, bought the contents of the Xn a SLSi «
full capacity between 1995 and an average shopping basket' of those of .any supermarket, ha- BBC shopping basket in another Jiithe bi? nwnmiSrt
2000 (the previous forecast groceries with those Charged in based, its claim on the BB£* five supemaikets besides those ooeratl moreX^e ori«?n?r
was 1985). Its .passenger other named supermarkets, such shopping basket This Is a list quoted- f n its advertising. Of all op SJJSJ JJr jSSSi i5Sf£2?. r!
handling capacity was rated as Tesco. of 51 basic growry products ftMe monitored. International havf^t anv hnrinp^ SnS
iLi 8nL *" A pri l 19751 J^ewnpaign comes six weeks whose prices ihe BBC monitore Stores which took on some of $ es ® 0 ifa ne w prices
dedsion having been taken after Tesco precipitated a big each week in shops across toe the Green Shield stamp fran- DO ij„. ^id vesterdav that K w
be'oi* the decline in the increase in supermarket ad ivertis- counw. chlses dropped by Tesco, was Jeddi to adopt ^ toe new adw
growth of air travel started. ing expenditure by dropping , In lts advertaemenfa; Carre- found to be the most expensive ti^ne a DDroach m an mm
As for air freight, Schiphol Green Shield trading stamps and four says that buying the pro- at £16.0L “ oi/ the niethora"* of
Airport Authority said Out the tiie money saved into duels on the list this week from Vixtoally all big supermarket advertising dairas P made about
average annual growth for toe heavHy promoted price cuts. It the hypermarket would have cost groupsl^e claims about their prices b? other Srarmarket
six-year period would be an precede* by a few weeks the £13.63 as against the average prices tatoeir advertising, many groups. * perraarket
optimistic 9 per cent The opening of a.- new Salisbury paid by the BBC shoppers of 0 f them featuring the week’s ' l n toe Southampton area it
SHI ?*** South.am^pton £1^95. ■ ' special offers. But until now said. Wo“s mo! h a
i976— shoitid rise to 472,000 which is.Hkely to Intensify com- It goes on to quote the prices most have refrained from com- precipitated a price war as much
tons by lmAfurther «p«- mtbeart*. paid by Carrefour rtsraiohera winTtottSm ^prices with L M “i
ri0n i4 k .? 6 farilibes ™ . advertisements, which for the same shopping basket in thoae of their competitors. the big supemarket Satas
>nr~ “* e iracditucia panng. their own prices
. advertisements, which for the same shopping basket in those of their competitors.
--- — — 7_7 it -7- --- — — : — — ur meir turnwcuima. me v»s auucruiuKei cnains
mHfemKM.Mnao m£S, e r ?2S J^LPSJSS sut ® ther rapaimarkets « the-^ The. nearest they have got has stepping up their promotional
end of this year, in Carrefour cost £14.72} area, hMm «h.r. nn^c witii ovnoncfiiiira
been compa ring their prices with expenditure,
The Financial Times Thursday : July 2l . 1977
HOME NEWS
Pedigree Petfoods cleared
in
BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT
It found, that- manufacturers'
prices tended .'-to move together.
THE MONOPOLIES Commission profit on sale averaged 7.1 per
yesterday cleared Britain's two cent on historic costa,
biggest petfood manufacturers of The Commission ;concluded with Pedigree. Petfoods taking
exploiting their monopoly post- that the company^ nigh profits the initiative and SpiUers and
tion in the petfood market and. did not result from exploitation the other manufacturers . .fol-
praised Pedigree Petfoods for ‘of the market but raper frpm lowing suit
its efficiency 'its high level of efficiency. Pedi- ' But it did not consider the
2 “ JS,
T^fSWS.
poly conditions existed in the
industry in that Pedigree Pet-
foods accounted for about 50
per cent, of the combined cat
and dog food markets and
SpiUers Foods about 30 per cent.
Vet it concluded that neither
More Home News
Page 27
Commission that it would have
increased its prices further but
for Pedigree Petfood holding it
down. : . -
simi lar ly, ..the Commission
cleared the two major manufac-
turers of exploiting their mono-
company was abusing ite pom- a - exceptional among large poly pmve?' .S prevent otoer
*“!?.“ «?»JK interest companies in this country." ■ companies entering the market
aS An ^investigation which has Consequently, it saw nothing The Commission made no
taken two vears confirmed that i” Pedigree Petfood^ rate of re- recommendations in its report
Pidinae pSds”!? ™ making turn on capital employed which and the Government . does not
f vefv high return on capita! was adverse to the public intend taking any action.
emn!nved but a relatively low interest ' . Mr. /Walker Dickson, manage
return on sales. The report showed that SpiUers lhb
On a historic cost basis. Pedi- was making lower profits on pet- "°°ds, said yesterday that the
gree Petfoods, which is a divi- food than its major competitor report had. confirmed that the
sion of the American-owned with an average return on capi- companies practice and perform-
Mars group, made an average taJ in the four years ending an ** w , ei T consistent with tne
return on capital of 44.0 per January 31, 1970. of 19.2 per Meroert comm*
cent, between 1972 and 1970. cent and an average return on cS
During the same period, its sales of 6.4 per cent. Bouse of Common s paper 4a. so xijBO.
Unit trust repurchases down
BY ADRIENNE GLEESON •
TO THE GREAT relief of the month before — one new ber of ' unitholders declined by
managers in the unit trust in- unit trust was successfully 12,936. The value of funds in-
dustry. repurchases from in- launched and another created 'vested in unit trusts,' however,
vestors declined to £16.7m. last by the unit] sat ion of- the Mendip Increased marginally from
month, after rising to an ex- fund — many within the in- £3.03bn. to £3.06bn. At the end
ceptionally high £29.5m. in May. dustry expect the figure for July of June last year the total was
„ , . „„ „ to be lower still, since June to £2, 570m. -
New sales, at £24.9m„ were September is the » quiet season.” ' ■
also substantially lower com- what happens to repurchases . . , '
GMt , S.^XS2S CSSS, ffisA Ofehore loading ,
a.sfi^r^'vss s ^"SSt s
and well above the monthly huovanev rn sell The indu^rv a sa^ 3St Mesa Petroleum s plan to
average of £6.Sm. *££ JSkSZ load crude oil from its Beatrice
. ... . , : ... . however, that the bulk miles off u, e Sutherland
Although last month’s decline of the lapse holders have now coaM, into tankers at sea.
in new sales was principally a been shaken out ^ The council wants to see a pipe-
reflection of exceptional factors Between the : end of Hay and Une built to land the oil In the
which pushed up the total for the end of June the total num- Highlands. --
group wants pnee
and V^T quoted
BY OUR CONSUMER AFFAIRS CORRESPONDENT
PROPOSAL&for a complete ban turned out to -be. a much more
on the practice ofquotirig prices complex issue than' expected,
exclusive of VAT have been once again involving the vexed
rejected by the Consumer Fro- issue .of recommended retail
tection Advisory Committee, the prices. The comntittee was
body set up to filter' proposals unable to agree that the practice
made by the director-genera! of of advertising VAT-exclusive
Fair Trading before recommend- recommended retail prices
mg changes in the law. adversely affected the economic
Instead,- the" committee has .-interests of cosnumers- For this
recommended that where' prices reason', it did not consider the
are quoted exclusive .of VAT, the Director-General’s proposals for
amount of .extra money needed controlling it
to cover it should be clearly. A minority of two on the
stated. . committee also disagreed with
Thus retailers would be able; the committee's final recommen-
to display prices sufcSt as “ £50 datum that there should be a
plus £4 VAT." The exception to. distinction between advertised
this would, .be. fee estimates prices and -those quoted in an
requested by a customer. In this estimate for a . job.
sipiiation, traders- .'would be In' the opinion of these two
allowed to qnote a VAT-exclusive members of the committee,- all;
price followed , by. an indication tracers should have been allowed
of the rate of VAT.'-'t . to quote VAT-exclusive -prices
Tfca whole question of VAT- accompanied by a dear indica-
in elusive prices -seems to hav e tion of the rat e of VAT
Pilotage reform plan
BY IAN HARGREAVES -
THE WAY was cleared yesterday services - would remain a local
for the reorganisation of pilotage responsibility. '
services in Britain’s estuaries Other main proposals include:
and ports' by publication of a' 1. FT) tage certificates should be
report from the Advisory Com- Issued only: to certain masters
mittee on Pilotage.;/. and ships* chief officers tc pro-
The : committee was-. set up in' tect the position of pilots.
January to resolve - the con- 2. Certificates' for foreigners
troversy aroused- by .an earlier should be restricted to competent
Government report which . sug- masters and chief officers of EEC
gested relieving Trinity House countries.',
of its pilotage functions and .3. Existing exemption from corn-
setting up . a powerful, central, pulsory pilotage- for fishing ves-
executive authority fbf pilotage, sds and - those owned by port
Under the terms Of yesterday's authorities - should be re-
report, Trinity House would con- exatdineiL •••-'•• 1 .
tinue as a pilotage authority 4 . The ' pay and pensions of
where that . was the wish- of BritaMTs 1,600 pilots should be
pilotage interests in the areas improved.
Trinity administers.. Marine Pilotage: Report of the
Instead of a central executive Adotsdry Comtnxttee on Pilotage
Board, the report ’suggests the to the Secretary of State for
creation of advisory 'and. super-. Trader Marine Division. Depart-
visory Pilotage Cobunissloners, merit of Trade Brunch 3B. Sun-
who woald act a* aH7 appeals leg House* 90-93, High Holbom,
group on dues. Running pilotage London. W.C. 2 IV 6LP. .
Leyland bus
executive
moves to
competitor
By Out Midlands Correspondent
BRITISH LEYLAWS truck
and Bus Division. Jias lost 1
senior executive to Metro?
Camell Weyman, the Midlands-
based company which ' . Is
rapidly emerging as an import-
ant competitor to; the State-
owned concern til -the supply of
buses.
He Is Jfr. Trevor . Webster,
. Sales, and Marketing Director
of - . Leylahd's Passenger
Vehicle division, the company
said last, night'
Metro-Camell Weyman, a
subsidiary of the Laird Group,
has- attracted considerable
Interest from 'bus undertakings
- throughout the country with
its ifew model, the Metro Bus.
The vehicle la seen as a strong
competitor.;, to Leyland's
planned new bus, the Titan. -
• British .Leyland answered
' complaints • -yesterday over
faulty gearbdxes in its Fleet-
line buses - run ny West
Midlands eoUnty council, say-
ing : technical improvements
had. been ; recommended for
reconditioned units and better
lubricants were needed; The.
council, which says it has had-:
1,100 breakdowns caused by
gearbox failure In a year is'-f
considering legal action.
merger
BY MAX WHJUNSON
THE-^GeUtial Electricity Generat- C:\Ar -Parsons on v.a . merged
ing Board 0 meet Clarke bine-generator company.
Chapman and -Babcock and Wit- Mr. / Glyn England, chains*
cox. next week to examine, oftiie CEGB said yesterday: “W
possible. further progress with dotpdt think thlsVifc.the end -
plans'- to ' merge their boiler- : the'r*awL We want/ta explor
making Interests. ' ■ " with; -the boilermakers -ways.-’
The plans were shelved tfife' w ^*- we J“ “tfV* . #
The Board said it had been cox said it saw little point i
prepared to go ahead with the going ahead without a guanu
ordering programme of. power teed steady Bow of home ordei
stations which- might not be'. for the merged company,
immediately needed only if. the it is possible that the CEG
whole industry was rationalised, will come under pressure fro
This offer was withdrawn when - Mr. Anthony Wedgwood Ben
talks broke down between the; the Energy Secretary, to rene
General Electric Company anjl its offer_of steady ordering.
Fewer offices movini
from central Londoi
BY MICHAiEL CASSELL, BUILDING CORRESPONDENT
THE NUMBER of jobs being “This might help to avoid
moved, out of .central London has future some of the waste in ti
continued to fall, according to and money illustrated at pros'
“ e Location of Offices . Bureau, by potential Government mo
At the same time, the number to Scotland and Wales wh
of companies seeking 1 advice there is virtually no office spa
about relocation has also while there is a surplus of j
dropped, says the bureau, in its about the space required sitt
annual report published yester- empty in the Midlands with
d W-‘ . . any 1 immediate prospect of
une pattern of movement of client
companies is directly related to "Had this' supply and dem;
the state of the national economy, situation been brought toget
U ntil t here is a resurgence the four years ago, there would h
movement is expected to stay been benefits all round.”
at or. near the levels, of the past this year the bur
year, . Bays the report w^rivaiTiidermlP hv 7
t tt£rIS n V ae ?i,2 GorormS®* iSJoSng the bei - ■ ' - '
SL*?' distribution of office-anploym-.— --
l0 - eatl °° 8 °^ ering In England and Wales, as v---^ "
, as the promotion of office - - - -
ptgmenM o- Imer urb.p
MP warns
on cost
accounting
By Michael Lafferty, City Staff
THE GOVERNMENT may have
to . -intervene in the Inflation
accounting controversy unless
the accountants can produce -a
satisfactory solution within the' fc
next few months, Mr. John Nott [business enterprises now havTto, w suggest eclat
Tni-rr «td c+ t — — » o — ho si- themselves whether their taai IB
Tory MP-. for St Ives and Oppo-^ask
sition spolcesinan on trade,
claimed yesterday.
His comments follow the.
virtual breakdown of efforts by+tions.
the accountancy profession tof
Introduce a version of the infiar
■tion. accounting system known as.
ctnrent cost accounting (GCA1| foj.
Criticised
js-Ss. —
new. task was in d!i-- -
operation might be carried oh t0 earlier terms / "
more efficiently, ‘
“ d ^ ectiTely oUl “
companies, to move elsewhere . .
it had done for the past •
_ years.
■ The bureau has some- criticism The bureau helped only —
CGa was rerorn l( ?L ^ e . Goycrnmenfs bolicy believes its new role represc__. ..
re-locating .ovil ser- no reversal of its present job /I'.r' /. .
vants from the^ South-East Eng- merely an expansion. It _
land to Scotiand and -Wales. It also be trying to attract infeuil ...
points out that there are plans; tlonal concerns to estab .-.
in the next seven years, to move offices in the U.K. '.'C
more^dyil service jobs, mainly .The bueau helped only . "/
to asdsted areas, qnd there are cwioanies to move during IvJ-r -
a Government incentives 1977 . Nearly 1LO00 jobs v " ' ;
aimed at encourarihg the -move- jrnrolved • • .
2!S of P rivat e offices into those rn the'prevfous 12 months."’*' "/ ' “ '
runnrt number. r»r com names relor^w . . .- •
hmSu hf* p Waned 175. The Is"** a^. . w '
3^??^ SahSient- m “ the lowest 1970-71. : , .
j.monjtor this^type^.of movement- f^m ^^ in 1975 -YB^m
f more closed and to coordinate
the information fate the benefit of i° wes * Bpure since L69-i0.
the receiving planning authorl- : Location of - Offices Bur' l .
ties and their developers, Annual Report 2976-77; 20p; -
Chancery L one, London.
tN
4/
More effiedent production:
ifs Metal Box's business.
The services of Metal Box go a good deal further than
the manufacture of containers in everything from tinplate and aluminium
to paper and plastics. We also design, build, install
and service the machinery and systems that handle and fill them.
And-as any producer knows -the speed, efficiency
arid reliability of those systems is one ofthe key factors
in a sound and profitable operation.
Demand for better technical services all over the world-
and the company’s ability to provide them-Is just one more reason
behind the continued growth of MetalBox.
I Sand Hands Committee of Inquiry
which was appointed by the last
! Conservative Governm ent.
•“It looks as if the account
ancy, profession may not come
up with a solution. Maybe the
oolitidans have a role to play, '
Mr. Nott said in London.
He said that the proposals In
the profession’s exposure draft
UP IB bad been too complicated.
^All ute really need is a simple
^qf-attfiuting for Inflation
: on.sfocks ation. And
T. aim partly pǤfia^ed .that we.
should,, have ^souitq. ad^stmenW
for monetary ilteqxv''' said 1
'Nntt.V.
The-- Accouiting. Shuid
Committee, the' prof essiotr-
I making body an- acconntin
ters. may issue a statem
inflation accounting afj
1 next meeting on .Tiilv
| leading a*vnnntants belihve thft
ASC. shouM is«ne new brnnoofl’s
jnnieklv. But thev fear that S ir
I William SHmTnbnga. /the ASC
chairman, miv chnow to fottnw
a very ca;itious apm , nap h aftp’ -
the reepnt vote Aiv F.n»ts*h
chartered a^nuntints against
compulsory CCA. j
Coalite /plant
to destroy
dioxin poison
THE COALITE chemical works
at Bolsover in Derbyshire Is
planning to dispose of the re-
mains of the deadly chemical
dioxin which caused ar out-
break of chloracne similar to
that in the “ poison cloud "
disaster in Seveso.
Following talks with a senior
factory inspector, the company
proposes using . an enclosed
system of tanks and pipework
to dispose of the chemical, which
can be destroyed only by burn-
ing at 1,200 degrees centigrade.
The final plan will be sub-
mitted' to the Health and Safety
Executive for approval.
whether public or .private.
monopoly
T alks continue on future/^
of Glenfield and Kennedy;
The 2,000 workers at Glenfield charges from the existing
and Kennedy, the Kilmarnock subK scale plant will rise substanti v-
sidiary of Crane UJC, which is if the proposed thennal-o: ./ ;■ -- .
threatened with closure, wiD be reprocessing plant is built
told by union " officials to-morrow , _ . •
that talks are .continuing with a n„i„ r “
potential purchaser, Petrocon, a Xvllie QiJXIlItlOn
Surrey-based engineering com- Represenutlves of British fii ' ' C" ‘ —
pany. dal institutions are to meet Kr,-.,.
No conclusions have been DenzD Davies, Minister of s
reached yet Any new arrange- at the Treasury. 00 Monday, ft' : '
ment could sull mean hundreds discuss the educations) func 1 ’ k V J , r ’ -■ .
ol the National Savinas Movcnt >.. - -
'■Cltru-;/
of redundancies.
Laverbread threat ,, ...
At the Wlndscale PubUc Inquiry Money talKS
yesterday, Mr. Stanley Hermiston, The Treasury is to put
British Nuclear Fuels’ senior £230.000 of an estimated
health physicist, agreed with a initial cost of a new . mo.
representative of the Network for management schools progranKljrir.- .
Nuclear. Concern that levels of The institutions are to be as - 11 '
radioactive ruthenium in edible for the rest Initial reaction h
seaweed— traditionally taken from been uncnthusiastic.
Cumbria for Welsh laverbread —
on five local beaches have risen U nmp n I nn w pl r nm<>
steadily to a point in excess of riouJe P 1811 Welcome
the recommended maxima laid . The National Home Imp.
down by the .International Com-' ment Council yesterday welco:
mission on Radiological Protection, the Government's decision
This is regarded as a critical Increase expense limits and
part of the objectors' case, in able value limits for house rent
which they say ruthenium dis? tion grants.
At rjy :
loanks -
Metal Box
A good business to be in
O*
More Tote betting shops
urged in Commons report
detachment
BY CHRISTOPHER DUNN
i SWEEPING changes to the Tote, around 4 per cent of total betting attitude of
Iqcluding a big expansion in the turnover. Currently there are unconcern.”
betting shop chain, are rccom- some 150 shops, and the Tote It concludes that the Hck.
mended In a Commons report on current expenditure plans are Office cannot provide
Ihe Horse Race Totallsator working towards a chain of 300. necessary support and enco
Board. • Applications for new licences agement. Responsibility for 1
Sir Donald Kabcrry, chairman should not be contested- when the Tote should now go to <
of the Commons Select Com- Tote wants to open betting shops. Minister -of Sport at the Dep:
mittee on Nationalised Indus- But clause three of Ihe 1972 Da«U of the Environment,
trie*, and Conservative MP for Horserace Tote Act which There should be changes
Leeds North West, said yester- removes a licensing magistrate’s In the structure of the mana
day that the fundamental dpci- right to refuse a Tote application ment board. The board
sion facing the committee was on the grounds of posing local 1 apparently amateur
either to strengthen the Tote competition, should not be and its structure should
or to do away with it. The un- activated yet. brought more into line
animous decision was to expand • The Tote should be able to comparable commercial _
the Tote to provide an aitertt- negotiate bets on any event. . cerns. .’MV rt -
ative form of betting.’* This Is. based on the Tote's , T ne chairman should be a w v ‘ J ; S '
Detailed recommendations for growth since 1972, when it was time official, he should ., %,* j ---C r--
the Tote, which has a monopoly allowed to expand its business supported by full time exccutijk] , - -u V ..
in Britain’s off-course horse * nt0 starting price and ante-post others and in future, ‘IQjn. ‘-‘-V • .
“ pool ” betting include: betting. Turnover and gross Tote’s ^ accounts should be sliu <>_. •-
m nirju,™-. revenue in this period have 5 ™ tted direct to the Secretary, ih‘," .. .
• Restriction of off-course bet- almost doubled. State. : -■ V -■
'S 8 10 7J t S. bet 5 ,n8! The report says that, to The Tote is criticised on C a, S-..
offices. The Tote would tiierefore general, the Tote’s role should be scores. Ilians for mechanlsat {]t%$c - - ~
receive all profits from this expanded so that it become* an aT *d computerisation over >• > -
stricUy numerical way of betting, economic -- monitor covering the dext few years, at, a cost;;
Private bookmakers would no whole spectrum of bettingT around £4.5m., are to be fum
longer have to pay Tote author xij e xote is praised for the way mainly through cash flow wh
tiy few. in which ItTuns its operations on sufficient.
• The Totallsator Board could courses and this attractive T"* changes In the pa£
then apply for licences to open atmosphere should be extended mpth °d last year, when the T.
betting shops on the grounds to its betting offices as well. W3S acc®»d of acting iHega
that it provides facilities for a Criticising the Home Office, * rc also criticised,
genuinely alternative form of which supervises the Tote, the The Horse Race Totalise
k , enft report ref NS . to the -little 'Board, second report from.
•.There should be about M0 interest taken lq the Tote Select Committee on nakonali
Tote belting Shops based on the viability -by the Government industries. House of Coww
present Tote market shore of department concerned,” an paper 344. HUSO, price SA&
v,':«
w.J -
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ty
fromctfc
Wl Talk
&: Oiu
*rr* ' .m •■•-
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K**:
vsw* ••:••
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icntieidac
In August 1976 the labour Party
National Executive Committee (NEC)
proposed that the four main clearing
banks— Barclays, Lloyds, iHidland. and
National Westminster ^should be-
nationalised..
The Party Conference passed the
proposal— although the . . Government
is gainst it and the Prime Minister
called it “an electoral albatxbss?
We,, the banks listed below, be-,
lieve that public, ownershqi. of . banks is ;
a matter for pubh’cdiscii^sid^We would
therefore like to question $b$ne of the-'. A :
• NEC k basic. ^umptjoh&. : |did ; alsQ
■•'youw^ ■-
, for or against ban^arioh(Hisation.\ ■
MONOPOLY^ r
The NEC claims that the present-
situation “has put into the hands of the
; banks and other financial institutions
• avast concentration ofprivate power?
• . Yet; if the big four really share a .
-ii-'
■ ' U-tf
OlUUQUUil- iiQO lilLvJ VllC’ JLlCUlVA* 3 U1C ; - , , , .
banks and other financial institutions , 1LE y
avast concentration ofprivate power? OF THE HIGH STREEL U
• ^j tfthe bigfoiir really share a, But, with 12,000 bqanche^ of
virtual.monopoly between them, could -these banks .up and "down the country'',
the Government— by owning them all - it is often at local level that compe-
— fail to enjoy aneveii greater monopoly? tition is most real.
. - But what of the NEC’s assertion? ’ *
Is it even true? •'
At the end of -1975, £74 billion
was deposited with the main financial
institutions in the' UK. Of this, the •.
clearing banks held 29 per cent only. . • *
f CX^MPETTHON FOR DEPOSITORS' FUNDS 1 r
-switch to the other banks. So they
are now proposing the nationalisation
of the Big Four.
" Their instinct was sound. Recent
market research has already- shown
that 55 per cent of customers say they
wouldprobablynotstay with their bank
if it were nationalised.
.It is not difficult to imagine where
the grass would seem greener. There are
many alternatives' for personal cus-
tomers, and business customers could
turn. to the 300 or so merchant and
foreign bankpin- the City. .
■ ~ .7 •*.* - 7 77
; DID YOU KNOW?
About one in seven of bank cus-
tomers have changed banks at
some time in their lives— 28% be-'
cause they thought another bank
would give them better service.
• y
lie betting *
SHABE OF DEPOSCTS WT>C U K. AT DEC Wb
UmyNALSWNSSBANK
NAnONALSWNSS CEFTTOCATES & BONDS-
TSftjac.
-BULDKGSOOETES
OOffRCOMVeClAL BANKS
LOMX3N CLEAf)NG BAMCS
scurc&cso!
m *
'jm: ' V*-
■JH, .
XX) BANKS
REALLY COMEEIEr :
At present you have a; choice
imong any of the main High Street
)anks named below. They compete;
vith building societies, Trustee Savings
ianks, National Savings, unit trusts,
inance houses - ,' foreign, banks and the
fost Office Giro :for your money. And
hey compete with each other. 7 * , .
B * A Cf/fi/cc S/e ? oA emus/'
fo/un /at 0c/Ff, ZZev
O/t 7T/&. Off w/f/re '
TaJke a town like Luton. It has a
population of 165,000 and 26 bank
branches. Someone wanting to open
an account or wanting to borrow money
could go to any of these branches. Oi;
for certain services, to one of the
competitors already named.
It’s the same all over the country
Most bank branches are small, often
not much bigger than ;the. shop- next
door. And the local branch manager is
giveii a lot erf freedom/ He is expected
to. .make a success of his branch— to
understand his customers,- to know
• uicy uivjuym a'
about local ' industry and business. would give them better
Competing— as at present— against
other local bank branches, he soon 1
loses customers if he gives poor service iiinr tdi Twrcrr -to ot/'yiwt
or is -unreasonably cautious about
lending. ' Over 10,000 people have already
> ' w ^ sent us their own views on' the Banks
HOW WOULD __ Debate,
NAHONALISATION XXELP? What do you think about • the
• The NEC document offers few issues raised here?
clues ‘on ' freedom of choice or how How would nationalisation affect
nationalisation would help customers, competition between banks? Would
Indeed it rarely mentions them. All .it branch managers be able to exercise as
says is that the separate identities of the much personal judgement? Would ser-
banks would be retained. But would vices grow better or worse?
it be real competition if the difference Ifjyou have views on these ques-
were in name only? tions— whether for or against bank
WHERE WOULD THEYGO? .
The NEC first contemplated public opinion on this important issue,
nationalising only one bank. But they We will’ do our best to" answer
recognised that most customers would every correspondent.
i r NOW TEIiUS WHAT H)£J TfflNK,
1 can write )7our comments on this coupcn alone, or enclose it with a letter. /J
I Address your reply toTHE BANKS, 10 Lombard Street, London EC3V 9AP. /M
Or deliver it to any branch of any bank listed beloty in ah envelope marked w
_ “THe Banks Debate! ^-<3
lUMKfr^Vj
A TOAST TO
YOUR FUTURE SUCCESS
Fenchurch
FOR PROFESSIONAL SERVICE
TO INDUSTRY & COMMERCE
Incorporated Insurance Brokers
Life & Pensions Consultants
Leeds, London and throughout U.K.
and Overseas
Q\ &77-19T7
THURSDAY 21st JULY
WE OFFER OUR HEARTIEST
CONGRATULATIONS TO
LAWRENCE WILSON & SON LTD. .
ON THEIR CENTENARY ACHIEVEMENT.
FOUR SILVER JUBILEES FOR “SILVER CROSS”
MITCHELL YEADON & SONS LTD.,
General Building Contractors'
. SL Johns Drive,
Yeadon,'
Leeds, LSI 9 7NB. (Rawdon 304280)
trimmings and narrow fabrics for tbe
furnishing, garment and allied trades, congratulate
LAWRENCE WILSON & SON LTD.
on their Centenary
god wish them continued success in the future.
British Trimmings Ltd.,
Coronation Street, South Reddish, Stockport 051-480 6X22.
BAXTER TYRRELL & CQ. LTD.,
CARRIER HOUSE, WARWICK ROW.
LONDON S.W.I. (01-828 1623).
Suppliers of
CHROMIUM PLATING QUALITY
BUTTWELDED TUBING. (HIGH GLOSS)
CONGRATULATE
LAWRENCE WILSON & SON LTD.,
ON REACHING THEIR CENTENARY.
ESTABLISHED 1820
I
Dacre*
■CSirtCfte&irvrydrs Auct^v.fr-A Valycrrs.irdElttte Aijerti. Es(.y.- :
J
WHO HAVE BEEN SURVEYORS TO
LAWRENCE WILSON & SON LTD.
FOR MANY YEARS OFFER SINCERE
CONGRATULATIONS ON THE OCCASION OF .
‘THPTU
CENTENARY
With Best Wishes on your Centenary.
R. MALLINSON & GO. LTD.,
Green Mount Works, Hanson Lane, Halifax HX1 5NQ
Tel. 65936. Telex. 517389
London Office —
Bradley & Burch (Wire Components) Ltd.,
Sabian House, 26-27 Cowcross Street, London ECiM 6DQ.
Tel 01-253 2651. Telex. 261416
Wire Components of All Kinds .
Congratulations to
LAWRENCE WILSON & SON LTD
on their centenary
PLASTIC DIP MOULDINGS LTD
Industrial Estate, Irvine, Ayrshire
Our Congratulations to
LAWRENCE WILSON & SON LTD:,
on 100 years' production of the highest quality.
Bethel Rhodes & Sons (Wireworkers) Ltd.. .
Lawkholme Mills, Alice Street.
Keighley, West Yorkshire BD21 3JTL Established 1835.
By appointment Makers of Pram Trays.
All types of tVireu ork.
Manufacturers of oven griU pan grids
to Britain's largest manufacturers .
TOWER MANUFACTURING
GLYNWED SCREWS & FASTENERS LTD.
Manufacturers of
SEMI-TUBULAR RIVETS, MASONRY
NAILS, CABLE CUPS AND TRI-PLUGS
CONGRATULATE
LAWRENCE WILSON A SON LIMITED
ON THEIR CENTENARY, AND ARE PLEASED
TO HAVE HELPED AS SUPPLIERS.
m
Early Years
1977 marks the one hundredth birthday of Silver, Cross,
for it was in the year 1877 that William Wilson founded
the business in very small premises in Himslet, a .district
of Leeds. During the intervening years the Company
has become internationally renowned for the quality of
its products.
Perhaps the most significant chased to produce baby carriage
moment in the Company’s sides and end panels from
development occurred when aluminium sheet,
they moved from their factory
in Leeds to Guiseley in the mid- Kiffipc .
nineteen thirties. At this stage u
the Management of the Com- In the fifties changes were
pany was in the hands of made in the fabrication of baby
Alfred, James and Irwin, the coach bodies and a new paint
three sons of the founder. It shop was designed to /enable
is an interesting comment on the use of the very -latest
those times that Wilsons were paint reflow process -which had
but one of a great many British been, developed for the motor
baby* carriage manufacturers, car industry. The' -Chrtrmkim
all basically producing a similar plating department /was. corn-
article. However, this pattern pletely re-equipped and com-
was to change dramatically, due ponents were polished to u high
to the disruption caused by the lustre before passing through
Second World War. Wilsons, copper, nickel and chromium
like most other manufacturers, baths. The resulting finish set
found themselves involved with a new standard for our industry,
new techniques for the war Materials and methods . were
effort especially the manipula- under continual review »nd an
tion of aluminium for aircraft inspection staff monitored the
parts. With the end of the war quality of production at 'all
in 1945 the Company was major stages, in order to ensure
managed by Mr. L. N. Wilson the highest quality was main-
and his brother, Mr. W.- M. tained. In line • with tbe
Wilson, and it was decided to improvement in manufacturing
use the knowledge acquired on and production, techniques,. Mr.
subcontract work for the L. N. Wilson decided that in
Ministry o£ Aircraft Production., future the improved -Silver
in developing new method of Cross products- ' would be
manufacturing baby carriages, channelled through only speci-
Two special rubber bolster ally , selected and appointed
hydraulic presses were pur- retail outlets.
Drnnrl lnQflnrc -. carriageSyunder the trade name
tsrana leaders ‘Wifioa." With this new range
i j j 'Mr.-. L. N. Wilson was able
WOrla Wld6‘ to bring to the market some of
. , t the most refreshing and un-' L, *
Wilsons felt that they were usual designs yet seen and so SeVeillieS
now ready ■ to offer quality successful was he in his
British merchandise With- a endeavours that the sales - With . the ar:
r hrhtf"
*■<!$»
C.
*7 • ‘
lltAC - past 10 ^ y® 3115 ' especially to
illCa the leadership and guidance
the arrival of the *& ea the Company's late.
DriLUsii mciuidimisB WlUi a cuuc*vuuxa ui«i uic - ■ — , . , ; — r hair-man Mr T M wilenn
uni^e attraction to «b. rest of £*5 'SZSrLttSZfZL'Si SBEMit W.
“*****“'■ . _ - uni-*-*- «r parried ont at three other wmist ne was at xne neim. w< ..
**?* VVOrl L^ d ’, alth ? U f l J. reas0 "‘ beaming the .* number one ’ as well as at the main factoiy in ^ nake *P ecia ? mention, o:
ably successful at. that time, the qual ^ S manu f acturer in the Guiseley. At the BaiMon plant.fi 1 maw employees over
major breakthrough was to W0 rld By the early sixties alL the high frequency ’welding without whom, o
MAiMa «Miiak ’ _ * . , v .. . * i • __ a. At. ' Mtirsi* tnf* i Tfim ninv umiim nn
come much later. The in ere as- \Vilsons had begun a policy of of upholsteries, together with £ ourse ' the Company would no __
ing demand made it important general diversification into new the cutting of fabrics and other 06 50 P ,ac 5 at
to further -modernise produc- products and it is interesting to ancillary operations, is carried moment. . Their efforts nay - -
tion methods to such an extent note that by this time the baby out bn the first floor, the ground be * n °.‘ 8 vei ? high raagmtud •' .
that Wilsons became virtually carriage bodies were being pro- floor being devoted in the main without them there woul
self-sufficient in all aspects of duced in a special zinc coated to the! specialised production of , Company, and very map
manufacture. The outcome of st ee j rathet than aluminium. As- selected fittings for all Wilson “ thern f ave - t beeD .WP,
this was that Wilsons were able f ar ^ production techniques and Silver Cross products from Co ™P a ny for a long time,
to control the quality to a much were concerned, this .decade automatic lathes. Jt 15 3180 appropriate at th.-'-
greater degree than before. a is 0 saw the installation of a York has proved to be comment
Much qf the plant and machl- f u uy chromium plating plant another source of sewing ‘ aIt0D “®“ stl11 a . . fam| uy ouj:
nery in use to-day was designed which! from a slow start, had capacity as well as providing n f ss * we are these days .pai:-' i:
and .built by the Company's developed grad ually . to the’ valuable storage space for raw °f a much, larger unit, as Grovr - .-
employees during this period present day and is now working materials. Completing the pic- v : 6od . Securities have a substai. ■
and is a continuing process. at maximum capacity. . The tare, we have the recently J* 1 interest in us. This rel
In 1957-the trade name Silver quality of the chrome finish is acquired Yeadon works, which JSi-S/*?!'!? 10 ' 72 ? ^ - ■
Cross was added to by the crea- amongst the highest being pro- ij devoted to producing a light- ”9-^ encouragement the ;-
tion of a most ambitious and duced in the UJC at the present igjght foIder and is the site for given us since then hfr "
expensive range of luxury baby time. - .' ’ TO® ns ’ own colour P^ss on gre t t if?f ance
• Which our catalogue has been Company and we are sure it w/--
inted. . standi us in good stead for tl- .
This period also saw the. future. .
fatest increase by‘ far - in.- Dur industry, being the si - -;
ort turnover with overseas ^ Is. effects a close and intima.. •-
representing 8 per . r«*ny- working . relationship wi.. .. .
total turnover in 1971 and 30 Su PP liers and Custers. T.; „. .
,®er cent in the vear ended Company • has fostered
lH[ 976. At the present time the approach to business li
top twenty export markets are: ? nt * we would like to feel that^j na
West Germany, E3re,.U.S.A
put more into
u twenty export markets are: ant ^ we would like to feel that j
W est Germany, Eire. U.S.A., has contributed greatly to t^llli^ . . .
Italy. Australia. Fnmce. Bel- access we have achieved. ^
iium. Denmark. :- Norway. - f* 1 conclusion, may we addrcullL; . . .
Netherlands. Finland/ Sweden, ourselves to you, the Consum.. ..
Austria, Canada, Saudi Arabia; wl *°- when Purchasing a.Wlls. ....
Malta,' Spain, Iceland, South or SUver Cross product, can ;
AfritSL Nigeria. • * ’ assured that quality and saf« .
remain in the forefront of c.: . ..
iiflhnlr minds in fall aspects of bc_' ;
UiXOOjK . design and production. MiC
T = ' w .. " of our success is undoiibter '
due t0 tte millions of satisfl '-
customers who have seen fit -
Future wii i- i^tha ^ recommend our products ov' : r •• ■ ■
the fi« n erations and. by so doi- '
.ILS? have made Silver Cross one .
utlook
foundations laid ' down/in the
including pushchairs made by Lawrence
Wilson. As their suppliers of paper baler bags
for several years Reed Medway are happy to
congratulate Lawrence Wilson 8- Son Ltd. on
their centenary.
Hargreaves Vehicle Distributors Limited
id jj g-K Reliance Garage /
Wakefield Road, Brighouse, yvest Yorkshire, HD6 IQQ
the best known trade names 1’-'
Nursery Goods throughout t -
world.
I— V ^— Ji TELEPHONE: BRIGHOUSE 712611/ TELEX: 51484
makcwayts Depots- ac Ackworch, Gateshead. Lrtds, Sheffield and Stockton
SUPPLIERS OF COMMERCIAL VEHICLES
Reed Medway Sacks ltd
Aytesford, Maidstone. Kent.
Tel: Maidstone (0622) 77855 Ext: 3419
AND BODYWORK TO SILVER CROSS
OFFER OUR CONGRATULATIONS TO
LAWRENCE WILSON & SON LTD. ON
THE OCCASION OF THEIR CENTENARY
The perfectors of moulded
wheels who are Europe's
leading and largest manufacturer
and supplier congratulate
Lawrence Wilson Ltd. on their
1 00th Anniversary
VIC-TREE (MOULDINGS) LIMITED
Bagot St, BirmingbaraTeh 021 -359 3591
WHEE1S ,
Congratulations to
tiie company who
cany thousands of
newmom babies,
from the compare
who cany all their
new-born prams.
Congratulations to
Lawrence Wilson Limited
on their Centenary
from
cARRiFmfrmm mmsmsji riLBums^
ffSBSE?
B.S. MATTHEWS KELL & CO, LTD
SUPPUERS OF
Office Equipment, Business Systems and
Commercial Stationery
BHKAY HOUSE, ASHTON GROVE. LEEDS 8
Tel. 493841 and 2.
Geo. H. Hughes ltd.
tOC.rvjiNi} Jivrmir
lip
all Pah
S
TBE BRIGHT SCBEff COMPANY ITP.
Boutidar>' Works. Barley Lane, Rodlcv, Leeds
congratulate
LAWRENCE WILSON & SON LTD*
nn their centenarv
A-P SPRINGS LIMITED
of Reddings Lane, Tyseley, Birmingham,
B11 3HA, are pleased to record that they
have been Suppliers to Lawrence Wilson
& Son Ltd., since 1933. and offer their
congratulations on their Centenary, and
wish them continued success in the future.
1
Pushchairs
among
e Palm Trees
are not many cora-
tfbo can claim New Cale-
JUXLeiqrart market! Yon.
have heard of this
.in the South Pacific:
have certainly heard of
and recently placed
ith us for a dozen
negotiations with the appro- this area, an area Wilsons con- out a break. Two girls from the
prlatc Government Buying sider holds great future poten- factory supervise the games anr
Agency a contract was di* tiiL walks and arrange viSts to the
cussed for many Baby Carnages. nearby parks 7od swimming
This order came jo ^ G, r3lT|ltv Jj pc ’ dodL
Autumn of last year when the There are. of course, stiU |
factory was already fully com- taring for the family seV eral of our galled workers I
mitted to meeting a huge back- At u ilsons, we have for a who cannot get out to the 1
log of orders for home and over- long time been ready to help
seas. A _ condition of the order those highly trained and-
was that delivery had to be skilled workers in our factories
completed within a very' few and the problems that arise
weeks and. as we had no spare when these valuable members
capacity, we were regretfully of uur “family" have young
obliged to turn down that children to care for themselves,
particular contract. We need our working mothers
However, we have neverthe- and, to make their life easier,
less managed to maintain a very we run a highly organised’
warm relationship with our creche staffed by a fully
. 1 - li : . ! )i;i
fttHwilcri Limited
#»
:iAL VE-'CLES
AVtt* ^' 0SS
1 th us' for a dozen
rs. Zt just goes to show
: Is no market too
consider.
■" ^ = SS 5*'*“%***, »d. When the ^ei
buUdings? there take plL in^dTh Turing uKP nSBK^II ™; XoXe Sdt.h" SrEZjSTS £ 3 “ 0Ur \
-rer been a permanent March 1976. The {kunpany had HOLLAND. NORWAY, SPAIN. delive?? scheduWhich we can ertehc is * S S fjf* de ?L ded !
» for H* Copy's been -Jj-gj* ^ MJ B^TIM.SWEDEV,^ STtaST ^ TLS? &&
. vcr. looking ahead lo for some time previously and REPUBLIC. These orders, Judgements'* ha'vcf bren"n5d£ th^ly r °‘ 1 decorated U1S and oubJo^S^ * nd * team 01 !
sm* r srsars-s ss^sm sa » • - SsSPm re SFSKEi
Guise ley, a new area •‘selling” the product was to meant that we had written firm This year 1977 wp c v, a n Ka from 9 t n all dfv now Jave about!
, w&gfjs&zsz rr’LTMffl; % ^dus* miWay mea '
. i^~ b LT e z ° r ■ part s»^ ssmt-ts
will feature a complete After due discussion it was be participating in October Cologne Show in Oeiohi To r* years rasiSns that our ™t ihl «
' • wterf^rsLs^d ™ *nd ttSLE our representation in production lines carry on with- and collects finished work.
rs may browse in com- arrangements were put in hand, plus our splendid Centenary
'his year we shall also These included design and con- product range, means that we %
t Centenary Year Exhi- slruction of the Stand to comply are quietly confident of at least
‘ vith vintage baby earn- both with our ewxt requirements maintaining - this level of ^ . . • • -•
*..nd photographs and and the regulations of the Fair busings at the 1977 ‘FOR f W o £ IIYIlfAM
’• bilia that span our one Authorities: preparation of the DAS KIND. v/VCTSCOu V/C/JL lljl 1 I lClS JL >HX jjLLCCX
• -1 years of business. But Show Models: shipment of these 3 . Eastern Europe | 1 <*1 i. . * .
• • nly half the story . . . items and the Stand to ensure s^ng to all or any of the WOllld 11K£ TO CTVTt 1 »TP
• If the space in our new. arrival on time for the opening. COMECON countries is not for rYLIUIM. IA - r
• -Voted to the Showroom, with due ceremony.- on 15th the faint-hearted! The invest- T . , t J T
win house our design March. The Fair#' Mused l in a mentln time and money can be I \WlXSOtl 311(1 900- 1 ^ ITUt P(|
; elopment team to ccn- number of airport buildings. 7ery jjjgh ant j there is no -g •
'acilities and encourage ran for^lS consecutive days, certainty of any business result- Htl f HPII* I PttfAtl Q #*17
.rate image. It is inter- from 10.00 a.m. t® 2.00 p.m. iQ g at en(J of lhe d UL1 lliCil V-'ClllvllflL y»
0 note that as much of and 5.00 p.m; tp JW)0 p.m., vVilsons were well aware of 4
totype work is carried and .attracted -tens. of thousands these basic facts when, in 1975. . •
...he factory floor directly of visitors. they decided to make a two^ ^
.ill our new products will Picking out the true business p^gg^ attack on the POLISH If
igned. drawn up and prospect from the casual market by taking part in Trade . «t
ed under one roof in observer was> not .easy, but p* airs at POZNAN and j
enquiries were received from WARSAW Alt
rr ,. In the event the Company's , '
Testing . . . omaJ^THE imrreD ARAB p ™, d “ cts w®™ enthuiiaslicaUy
rrr ^ & SJn^ATFq ^VPT ^nd aCC,aime(i ^ th ^ Pol^h COU- I
Testing . . . . JgELJQ sumer and - »"«■ — « * —4
. ire extremely proud of appointing, a d^nbutor for t . t ifl ! —1 ’
• 1 quality of our products SAUDI ARABIA, and substHn- JLiSWrCllCG WllSOTL : I HlA/TPIWMIfenn *
ensure that changing tial firm. orders received XjawiV-UVA, V T 1 LAAL . LUWfwIlOC VVnoUll
‘.'.tions always confortn to for this market Gp^rently,- we ^ 1 4 ■ . . • yV'A
r.gent British and Inter- are in the process 1 ’^ complet- V .yO nff THLl 1,13 UOtlS iji|n |v A
standards: in particu- ing orders., fpr;, shipment to •: . *- . ... -
4 • Germany oiir prime KXWAT * * ind 'BaHftAlN 1 . lin'd “ *• ' vli 1 •
. .liarket, the tough Ger- we are expecting confirmation (Jl Ltt3lXj££ PUblltxl dTUlIIlGL ; ■ /'
"* i requirements. • To this of further orders for Sa^di .1 . ■ j > . ■ »_ .
'lave opened up a brand- Arabia in the/ery heaf future. V.' ■■
-ing house to carry out A follow-up^sales visit to tne -a -.' . - \
- ^oM^axS 81 ®? ccSS| ITctdonig w? med,10W ’ ‘ Lawrence Wilson prams have been Tl Tilt)© PfOdliCtS
__ • elopments. .. WilroS ; fifth consecutive pushecl a round Since 1,877. ' ,
-qjj S - TsTjoSj^iToetobS T«ra - . Wb would like to offer our congratu-
j ” J ' . proved to be a most rewarding lations on this remarkable achievement and
rseas , . . wor?Se e n^otk o S f e European on the wide range of superb quality prams
j ^Arabia and ffie Distributors which had been' they continue to offer their customers. ,
M-V rn » '£>£.' Qt ■ Lawrence Wilson have long been using QUITE A PARTNERSHIP I
|unent was noticed in preceding five ye^rs finally paid- . Storey products for their prams. And we look Wwl 1 1 nmlxillUwmrS
i way * . forward to many more years of being pushed Tl Tube Products are Europe's
■ WJD^ g^j^ jrders were received from ar0 u lid together. ■' • . ; ;j leading manufacturers of ERW tube.
Testing . .
Testing . .
sumer and. after subsequent
I^ArmceWilsoa
Lawrence Wilson
r
L
not out
’ elopments.
_,ons
rseas
j Arabia and the
.States
t OEN
4WRENCE WILSON & SON LTD
Wr centenary, thank you for a tong and happy
ciation from
TCHELL & COMPANY (Leeds) Ltd.
nal Wharf, Wyther Lane, Leeds LS5 3DF
Telephone 751 Bt 5—759021/2.
INERY MANUFACf »RERS - TIMBER MERCHANTS
- PACKING CASES
. Lawrence Wilson prams have been
. pushed around since 1877.
We would like to offer our congratu-
lations on this remarkable achievement and
on the wide range of superb quality prams
they continue to offer their customers.
Lawrence Wilson have long been using
Storey products for their prams. And we look
forward to many more years of being pushed
around together.
Storey Brothers & Co. Ltd.. White Cross, Lancaster LAI 4XH.
. • Tel>0524 65288
Mander- Domolac
MANDER-DOMOLAC LIMITED
INDUSTRIAL FINISHES
Ruabon. Wrexham,
Clwyd LLH 6HU
Telephone Ruabon 3431
{ 10 lines) Telex 61342
Telegrams; Martdom Ruabon
' Congratulations to
Lawrence Wilson & Son Limited
on their Centenary
.HaroM Fisher (Plastics) Limited, Honlejr. HuddersfTeid.
'Suppliers of Plastics Injection Mouldings.'.
Congratulate
Lawrepce Wilson & Son Limited
on their
• Silver Cross Centenary . ..
SINCERE CONGRATULATIONS
TO LAWRENCE WILSON & SON LTD.,
ON THEIR SUCCESSFUL. CENTURY
ROSS BROTHERS LTD.,
■ Ben Rhydding, IHdey, W. Yorks.
Tl Tube Products
nor out
QUITE A PARTNERSHIP!
Tl Tube Products are Europe's
leading manufacturers of E RW tube.
Tl Tkibe Products |©
aTI Steel Tube Division Company
Popes Lane, Oldbury, Warley, West Midlands. Tel: 021-552 151 1
Congratulations to a valued customer
"-]□ JAMES LUMB
- 1 — l (PLASTICS) LTD.
IWORWOOD GREEN, HALIFAX.
* Extruders of Tubes and Profiles in all
Thermoplastics
* Rigid P. V. C. Profiles our speciality
* Own toolroom facilities
The Lee Group .
of Companies
congratulate Lawrence Wilson
on their centenary
Arthur Let & Sons Ltd arc proud ro
supply the precision rolled flat wire and strip for
the bodywork and sprinting for
RADYNE Congratulate
\ Lawrence Wilson & Son Limited
^ years of manirfaetriring
luxury baby carriages.
Radyne limited, Wokmgham, Berkshire,
suppliers of Induction Heating and H.F. Welding
equipment to the Company for 22 years.
__ ttin’s leading brand of luxury perambulators relies on ‘the
' * ’ ,a *" Bright Nickel and Nickel Seal processes for the high-
*«-**• " ^ \ 1 ;]? bating of components. Oxy Metal Industrie’s congratulates
T . *.3 i * 1 jje Wilson & Son Limited op main taming its quality reputation
* : v*
1 . * t .
It- '* .9 V - J
•yOxy Metal Industries (GB) Ltd
■j Sheerwater, Woking, 5urrey. " Tel: 04862 5971
.^^^^^ratulations’to *
^iWRENCE WILSON & SOM LTD
v y » . - . . . ..
-V^HEIR CENTEMARY
• •
METAALINDUSTRIE CAJA
^^^■s'Sbergstraat 25 Kerkrade-West
Sincere Congratulations and Best Wishes to
LAWRENCE WILSON & SONS LTD.
On the Occasion o/ their Centenary.
ELSON & ROBBINS LTD.
DUFl/EX- P.V.C. F 0 ' 'f
Long Eaton, Notti ; •
Tel: 06076-2225 leitx: 37112 : ;
G.R.D. ENGINEERING SUPPLIES LTD.
_£NG/NE£RS* MERCHANTS— MACHINE TOOL MERCHANTS
OFFER SINCEAE CONGRATUUTIONS TO
LAWRENCE WILSON & SON LTD.
AND ARE PLEASED TO SUPPLY THEM WITH
MANY ITEMS OF TOOLS & EQUIPMENT. ■
Park Road, Guiseley, Leeds.
Tel. Guiseley 76666 (7 lines).
WILLIAM ORR (FOAM) LIMITED
FLEXIBLE FOAM CONVERTERS. ‘ .
Brighton Works, Spencer Street,
Oldham, Lancs.
CONGRATULATE
LAWRENCE WILSON & SON LIMITED
ON CELEBRATING THEIR CENTENARY
Congratulations on completing your first hundred years of
*. business. We are delighted to be associated with this
success — and who knows - others too may become
’ . tyred with:—
; JOHN RIGBY CSTEELJ LUVIfTHD. .
Manufacturers of: ■
- Round, Shaped, Fine and Speciality Wires
Congratulate Lawrence Wilson & Son Ltd.
on their Centenary
John Rigby (Steel) Ltd.
? Low Moor, Bradford, Yorks. BDI2 OQA
Tel: Bradford 677261. Telex: 51 136
IF YOU BUY VANS!
t,„vou should!
Vanplan design
Ss-SSr CUT OUT THIS!
pantos. Our free colour brochure tells I ■
yoa ell about the Vanplan Standard— L ur l CJ JLJ| V | I
and other discerning com-
pantos- Our free colour brochure tells
yoa all about the Vanplan Standard-
sand. for it today -
Phillips- Patents Ltd. DantzieSt. Manchester M4 4JH Tel: 061 -834 5854
l Manufecturen; of rubber & PVC tyres and mouldings
^ 0 UT/q^
* %
I877'!977 ,<?
Congratulations
all round froni -
O TATTERSALL
ADVERTISING
LIMITED
HARROGATE > NORTH YORKSHIRE
Telaptnne: 0423 S04676 pO Knee)
also
flEsoiwninoTOWTj
■ 14 ARC OITCT AAAT f. ROTTERDAM ■ HOLLAVD
IMwOlMMO « on
Cfiesford Grange, Grange Estate,
Wbrrington WA1 4RA
TeL'Padgate (0925) 821512
nem^snemmUmemnmmHmmemimamwmm VEHICLE BODVBUEdB^
CONGRATULATIONS
’
I We are very proud of
our long association with
Lawrence Wilson
& Son Ltd •
as suppliers of
SILVER BRAZING ALLOYS
The Sheffield Smelting Company Ltd.,
Windsor Street, Sheffield, S4 7WD,
Telephone: 0742-20966
12
m.
BUSINESS AND INVESTMENT OPPORTlfflmlS
W t. nEAQErX ARE ■ fticOMMENDED’ TO TAKE APPROPRTATE PROFESSIONAL ' ADVICE BEFORE ENTERING '/^TO COMMfTMESlTS
i, '*
i B $
I.. ,-1
; rrr
•‘.£1
•on
'i? .1
r »vrl
' L’«
- *r
iOJ
— »r?
GRESHAM TRUST
-LIMITED •
Offers a wide range
of banking services, including:-*
leveloi
Selective finance for property development
Commercial ahd industriai loans •••"■
. ; Bill discounting
Acceptance credits
Leasing
Permanent and long term capital
for the successful private company
For further information
please telephone 01-606 6474 or write
to Barrington House, Gresham Street,
LONDON EC2V 7H£. '
IjirnviiKh jrv. Ofliwc. EvlmoiiJ Hniec.N'wball Street. Binv.in&hjm B5 3EVV
Tel. Oil -2A? 1177
il
< b
fa:
-.it:
iA
'1
INTRA-CENTER
BUSINESS OPPORTUNITIES IN THE
UNITED ARAB EMIRATES
A specialised comprehensive service, designed to limit the
: -thne'and expense of companies who wish to do business in
the United Arab Emirates.
We provide advice and assistance on market potential, current
and future projects, the best corporate structure for your
.enterprise, local introductions, tender procedures, government-
■regulations and all other problems associated with breaking
into the thriving markets in any of the seven Emirates of the
UAE— Abu Dhabi, Sharjah. Dubai Ras ai Khaimah. Fujeirab
and Ajraan.
Contact us at : —
INTRA-CENTER
.P.O. Box 2693
Abu Dhabi
Telex: 2879 ALAA AH
Cable:- Abu-Ali Abu Dhabi
Telephone: 41695
HOW TO MAKE YOUR
pFIRST £100,000
i' * •
anyone can do it!
There* still only one realislic way to make a fortune: start
;-L and build up your own business. And now .is exactly the time
— j-.jo-do it— even Mr. Callaghan says so. But- ‘which -businesses
;are going to .boom? Leisure parks, take-away, .restaurants,
Celtic Oil? Get the Inside information you need to. make a
killing of your own from the famous -BUSINESS INSIDER—
the fortnightly confidential service edited by Robert Heller.
of free trial offer to Business Insider, Dept.
k-IBH, 13 Golden Square, London, W.X. Or phone 01-597 7337
|r. C24-hr answering service).
Acquisition in
the U.K.
Under the Above advertisement heading we invited acquisition
specialists to contact us for confidential acquisition work in the
U.K. fF.T. June 23/June 24).
, Many of the replies were unfortunately lost in the French postal
..system while being forwarded. We therefore kindly, invite appli-
cants to send a copy of their reply to the following address:
Box No. 729 at 21 Rue Spontini 751 16 Paris.
•Panarabian engineering and . construction company
in Jeddah, Saudi Arabia, is interested in contacting
, British firms who want to introduce their products
■or services to the Saudi industry.
- Dr. G. De Angelis, Panarabian General Manager, will
be available for meetings the week commencing
1st August at the Hyde Park Hotel. Knightsbridge,
London.
For appointments telex Ttalipco 34573, telephone
Milan. Italy, 87S-9 1 1/S67-1 69/867-747 or write Via
Larga No. 16 — Milan — Italy.
FOR SALE/MERGER
ESTABLISHED FINANCE HOUSE
As a going concern, or sale of existing balances of H.P.. Block
Discount, and Personal Loans. Long established customers and
excellent trading record with folly trained management and
staff based in London. Scotland, and the Midlands. . Ideal for
immediate and secure expansion, or as a vehicle for national
growth.
Principals only to reply, in confidence, for full details to:—
Box GJ349, Financial Times. 10. Cannon Street, E C4P 4&Y
STORAGE/CONSOLIDATED WAREHOUSE
I j
FACILITIES AVAILABLE BETWEEN PETERBOROUGH
AND LEICESTER
International Freight Forwarding Company hat available 7.000 tquare feet
with ample hard standing and acceu suitable for storage, distribution.
LCL/FCL operation and are interested in short or long term proposals.
Contact: LEPTALATE LTD. C572 SS177
CPk
|j\
ADVISE ON
CASH GRANTS
. . under, the Industry Act for
expansion or modernisation
‘ , __ ,B manufieturing companies
?Cohn Pyman Associates Ltd..
v)48. Buckingham Palace Road.
".London JWl 9TR, Tel: 01.730 4606.
LIMITED COMPANIES
FORMED BY EXPERTS
FOR £78 INCLUSIVE
READY MADE £83
COMPANY SEARCHES
EXPRESS CO. REGISTRATIONS LTD.
. 30. Gty Road, E.C.I. .
QU628 S434/S/7361. 9936
ikM Electric typewriters. Factor*
Manufacturers, under exclusive American Licence, of proven product
with proven sales, now interested in -expansion of sales irom current
f 300k to minimum fim per annum upwards; --.
Unit values £300 to £1,000. Carries* substantial margin on .sales and
. • •service, requires demonstration and installation facilities. ./
Would suit One or up to three stockholding outlets, familiar with
Health & Safety Acts, to cover the ILK. . " .' •
Apply in confidence to Box G.356, Financial Times, '
■ 10. ; Cannoh Street, EC4F4BY.
FOR SALE
The business of a/Group of Companies with Houses
hold name established in Southern England and
manufacturing a wide range of Domestic Electrical
Appliances, Controls and Elements.
Two main locations with 350,000 square feet free-
hold and 150,000 square feet leasehold.
Combined turnover of £15m. including world wide
exports exceeding £5m. Substantial overseas
subsidiary providing additional turnover of £2m.
equivalent.
700 employees with experienced Management.
Apply Box G.370, Financial Times, i0, Gannon
Street, E.C4P 4BY.
AGENTS REQUIRED
A long utablbhcd company .producing
high quality custom built proatss
•qnlpiBunt for creating cempoOMin.is
Stoking rtpatablo Agon a . for its U.K.
H*rk*ts_‘ Territorial throughout tho
U.K. Including London and tho Horn*'
Counties are available.
Applications from tniblnhcd' Agents
may be made la complete confidence
to the Box Number below. Pleat*
itate areas and product* bandied at
present.
. W rite Box G.362.
• Financial Times. -
10. Canaan Street. E C4P 4BY ■
CASH FLOW
PROBLEMS
RELEASE YOUR OWN CASH
BY DISCOUNTING
YOUR INVOICES ■
95% paid by- return
- on' approved accounts
Phone Bolton- <0204) 693321 '
Telex 63415 .
'jffiS. BENNETT .
Silverfaum Finance (UJC) Ltd.
CASH AND WORLD-WIDE
CONTACTS AVAILABLE FOR
SUITABLE PRODUCT-
ENGINEERING
We are a successful private UJC. manufacturing and
marketing Company and a : leader in a specialised - sector
of tbe environmental control market with equipment- in
most major engineering factories in the U.K: We have
distributors throughout Europe and in the U.S.A., Canada,
Australia and Japan.
We are looking for suitable and preferably complementary
products, to manufacture and/or market throughout- fhe
world. Purchase, part-purchase or licensing arrangements
would be considered.
Write 3ox G.367, Financial Times, v
10, Cannon Street, EC4P 4BY.
A Farming Company with great exp_ericnce '
in this field invite partnership enquiries
from Landowners.
Secure short or long term agreements -providing the.
landowner with' earned income and protection from'
exploitation. Working capital provided by arrange-
ment
Owners invited to write in confidence to Humberts
(Ref. RBK) , 6, Lincoln’s Inn Fields, WC2A 3DB, or
.David Anderson and Co. (Agricultural Consultants),
Long Clauson, Melton Mowbray, ' Leicestershire
LE14 4NW. '
PRESTIGE CARS WANTED
• TO ALL COMPANY DIRECTORS
TRANSPORT MANAGERS AND
■ • PRIVATE CAR OWNERS
Are you obtaining the bett price for
jrour-tovr mileage prestige motor car I
We urgently require Rolls-Royce,
'Mercedes. Daimler, jaguar. Vutdon
Plat. BMW. Pacsche. Ferrari. Maseratl.
Lamborghini. Jensen Convertible.
Rover. Triumph, and Volvo cars.
’ ' Open 7 days a week
Collection anywhere hi U.K. Qufi or
draft available. Telephone us
Banker's
for a firm price or our buyer will call.
ROMANS OF -WOKING LTD.
■roakwood (04867) 2201
BELGIAN SEEKS
OPPORTUNITY IN UJC.
If you are the head of a m odium-
sleep British mamrfactunna coaioanv.
In the engineering sector, nearing re-
tirement, but wishing to soe your
btalneu continue to mutants both at
home. In Euraoe. and dit Middle east.
I could be vour. mao to see. these alms
materialise.
A Belgian national, murtf-llnguaf.
with wide' eroenence in marketing and
overseas, 7 am
wiling British goods . ..
looking for the ooo art unity to out
energy and Skills to good use for such
a-comuanv anywhere la -U.K. •
Write for full Information tor He-
crnltment Director. Rod war _ Smith
limited HVlaosdowo Road..- Bourne-
moutaa. porsei. , . ~ .-
SALES
Experienced business .team modern
Midlands- ware bouse turnover £2 mil-
lion 7 one industry seek new materials
or products for bulk tales limbed
venture capital available.
Write Box GJiO, Financial Times.
10. Cannon Strcet.'ECdP 4BY.
U.S. BOOK PUBLISHING
Old-established hard-cover book publishing company with
annual sales of 84 million for sale.
The current publishing programme concentrates on special
interest titles — no fiction— and junior titles for institutional
sale.
The companv has its. own sales and fulfilment facilities
which would' be of particular interest to an American or
foreign publishing house wishing to control the marketing
of its own titles.
Principals only will be answered by the Chatman.
Box G.363. Financial Times, 10. Cannon Street, EC4P 4BY.
OPPORTUNITY TO ACQUIRE
HIGHLY RESPECTED NATIONAL HEARING AID
MANUFACTURERS AND RETAIL SALES OPERATION
with many export connections, up-to-date product range,
modern premises and facilities, loyal and skilled staff with
many years’ expertise and service.
Proprietor wishes to concentrate on other businc*? interests
but would be willing to remain in advisory role if required.
Write Box G.359. Financial Times.
10. Cannon Street. EC4F 4BY.
COMPANY MARRIAGE SOUGHT
A wewnhrt private Children - * Wear Manufacturer and Exporter wishei to
nuk* contact with a tma/. esubf tfccd. private or publicly quotod. quality
Ladin* - Wear concern with a view to injecting earnings tn exchange for tignl'
Scant equity and Board representation. The Ladles* Wear concern mutt be
fi nine tally sound and ideal'y have a turnover of up to £1M. AlcernatrvVy. In
outright purchase could be offered with contract* lor «xi)ting Manigemcnt.
Fleas o reply in writing, in strict confidence to: —
The Chairman,
CUMBERLAND FASHIONS LIMITED,
40/41, Conduit St, London, W1R 0LR.
reconditioned ar^ warranted by IBM.
»ear»
Buy. save ud io «0 bc. Lease *
rfjem £3.70 weekly. Hen* frem £29 B.m.
’IJfWM 01 -Ml 2365.
TELEX SERVICES-— -24 hour. Including
. weekends and holidays. Woridwyc. For
fast reliable common .cat .on i ring-
kr dialler. 7«lc« Sorvlces 01-242 4154
MIOOUI EAST. 1.000 tenders m 1976
DuMlaned in M fldle tan Week. Writ
■Or Mione Simpson* Publications Ltd.
PRIVATE COMPANY Kith wSbfanti.i cash
resource* socks atunri'f’nn or substan-
tial interest In i ComBMV w.ip oromls-
(ng in ow ccta engnffed in business or
indusirv yielding pr«-U* • annual sreflts
of £ 60.000 or' upward*. Wr.u in con#,
dense to Box G.344. Finamy*) Times.
10. Cannon StrccL EC4P 4BV.
LOSS-COMPANY PRINTING
Client* of dun or* interested in acquiring a Losa Company in the printing
or allied field*. It mine be »•!! trading and preferably should be in
London or the South of England.
Ponies (are ;■ tho fim Instance to.-—
WESTBURY. SCHOTNESS & CO..
14/ 18. High Holbom, London. WC1.
FOR SALE
On behalf of a Liquidator GOSSLER
GLASS FIBRE SPINNING PLANT
with associated equipment used in
the manufacture of exhaust silencers.
All enquiries to—
KENYONS,
LUMB LANE. AUDD4SHAW,
MANCHESTER MM SGW.
Teelpbane 0*1-378 1515
FOR SALE
To dose > Charitable Trust, at half
currcnr valuation. Model! but com-
plete 90 bed Convaloacent HOME on
Clyde (Scotland) Estuary. Potential
Dollar earner.
Write Bov G.365.
Financial Times.
10. Cannon Street. EC4P 4BY.
MANAGING DIRECTOR
Of U.K.’s of we fit fast food franchise
seek* expansion .minded (partner/
director) to invest up to £30.000.
in the busmen. Other directoe pre-
pared to give up chairmanship and
control to experienced builRetimw-
in»cttor.
Write Bov G-361. Financial Times.
10, Cannon Street. EC4P 4BY.
FOR SALE
Trsra port Group involved nt Storage
Disc - “
and Discributioo. General Haulage,
and agency business. Own workshops.
Depots In London and the Midlands,
can be separated. Turnover approach-
ing £500.000. Ideal for diversification.
Principals only reply for further
particulars. Audited account*.
Write Bov G.35B, Financial Times.
10. Canaan Street, CC4P 4BY.
Directorship Offered
BUILDING COMPANY
Work on Hand CIS million
Investment £50,000
Write Box G.368.
Financial Times,
10. Cannon Street, EC4P 4BY
'SEEKING UJC. DISTRIBUTOR
FOR OUR SPECIALISED
INDUSTRIAL PRODUCTS
Vortex Tubas and Air Row Amplifiers
are compressed air operated sailing to
alt types of industry.
Vortac Corporation
4511 Rending Rood
Cincinnati. Ohio
tUA. 4522*
FA PRIVATELY-OWNCD uun exCluVvt
retail f eafa on trass serving or wum
! £ . "KE’“S M Se 366 '“=■
cla^ Txne*. 10. Cannes Street .K4P
"Of -MB 4g53 **'**■ Surrey.
PRIVATE COMPANY. Private Comoanv
j^r.tn preAeuloiMl manaaemunt. seeks to
ocoulre or merge wiin unvateiv owned
. manufanurlng eomoai>y with csiab-
riiVinj end product cr ring*. Brin*
MMSiTs m confluence fa Bon G.S44
>Tlnanclal Timca. ifl. Cannon street.
EC4P «RV.
ENGINEERING COMPANY. Manufac-
turers of Plant and Eovtomem to the
Plastics and Rpbber industries „.sn
to dispose of hH*raa:loarifv known
Trade Mark and manufacturing r.gnn.
Write Bex G 129. Financial Times, lo.
Canaan Street. EC4P 4ffY,
I L 2*!P 0 *! comraciors aaa mart :
™«ts win, drum cxmckv a«ai>acfe
**CkS agencies in similar or associates •
FPone a. w. King. Potters,
Bar JU4I. m ftrM Instance. .
£1 A WEEK for EC2 adren or ohnre
messages. Comb nod rate* T telex under
ti a w». Message Mlnd-r» internaf-onai
307 -as NOW Bread > Stives. London CC2M
-JOT. 01-620 OBUO. Trh-K. oei >72 3
at ART a small l-nogrt-Cvpart Agency.
»r*v d£?a I* Work *• nonre b" p"«t.
wade 'Consmtanifi Lre . d*m r, po
* 3R S. Sultan. Sur>e>.
SALES MANAGER seeking cauit* oartici.
nation In *ervic« Industry- Can tal
ava: table £ 20 . 000 . — Wrtie B.-« G 357
rioanciat Times. 10. Cannon siren.'
IC4P 4 BY
, K ^!L, FA « < ??JSI f i!y ARDIOU * e « lrmz -
meet L8.aoo.oo par annum dr w.fh
t y* 4 "* Posiereion. Freehold trs. ooo.ee.
1 Detain Ramsey <Camb*> 822551.
‘CAPACITY REQUIRED welding and- bend. :
ino rsund-scuac# tube touelnn- v. 1
l>pM. aikembtv- C« ntinugu* or dm fnr '
, daunted oroduct value arcund E in. oca
i per marfn. — v»rJ» Bc. G 5sa. FI«Si. ‘
' Tidies. 10. Cannon fatreei. CC4P
.GOLF course, bucks Cxcii Bo-dvrs .
, Privately owned 18 Hale Pirklard nal ;
Course with I, sensed Cipchjosc. aarh- '
•ng far 1 1 0 cars, new Manager's b-diga- '
YOUR OFFICE IN
REGENT STREET
ADFONE BUSINESS SERVICES
* 24-hwtr nlepbMe answering
offic
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Day 01-734 9671 - '
Eves. 01-734 S3SI
U.K. COMPANY
Exporting to KoUtnfi. Germany and
Belgium through Urge Dutch arganl-
Dir
utiwi seeks DIT and leisure product
manufacturer* mtereued lo entering
thei* mirhets. Contact , —
PICCADILLY LEISURE SALES LTD.,
m pfcodHtr. London wiv fU,
Tel: 439 6507 Tetan 22213
We wish to acquire a
SMALL LITHO PRINTING
COMPANY
which Is siniaied in the Greater Lon.
don area. Must have SRA2 rise 2
and/or 4 colour printing machinery.
P-ofics not important. Strict Confi-
dence asnred.
Plena write to Menayf ng Director,
Be* tfMJ, Financial Times.
IQ. Cannon Street. £C4P 4 BY.
RECEIVERS
MHO/
of any
. to hear
Irom Raceiveri of any hoteb. pobllc
hones or leisure areas they are
either looking to dispose of or wish
to let to manigcre.
Seed details to. 1 —
H.IUL5., Box 17.
2 I Varna ffpdeni. WJ, or
phoot 01.937 4394
' FmanciaT Times' 1977
lew. Close tp boputetfoo centres w:i S
on Irur.t rente. F-jrtx*r >
direct areeu _
Ia«d bv ag reeme nt. Coesvni I
■y"a start tar C I u- Moose eapaei-Bn avj.i. •
aWe. Oner* invited fee tbe riwnfe
Detail*. Humberts Landelan iRaf. MTPi
6. Lincoln'* Inn Field*, tonaon WC2A
3DB Tal- 01-242 *:si.
CLIENT WISHES 05 tflwj busnw,* act.ri-
nes and is ineintre n aruuir.ng ■
pmuM business, ter wsick fuiwN arc
-avaHasie. ettner full ownerctKo, sr 0 n
■ oart ^l .twoivement basis. Detv.s to
Harrev Preen A Co . Oiblrml fitcoiM.
taM« 30 V'rm.ngi.a'n Road. Bromsarcre,
worts.
FOR SALE
LEASE OR EQUITY
PARTICIPATION ■
HO acre leisure complex, 90
acres of which are lakes, full
planning. I hour 20 mins,
central London.
Write Sex tt.369. financial Timet,
10, Cannon Street, £C<P 4BT.
LABOUR N
Doctors reject
BY OUR LABOUR STAFF
DELEGATES REPRESENTIN' G . doptors seems, to.be one qf oom-
more than 50,000 dsetors, mem- plete arrogance and antagonlBiri.”
hers of the British MedteaT Asso- Their .attitude is'.' that ve ■ are
elation, yesteniay overwhelming- already overpaid members of the
ly rejected 'a call to. affiliate to’ medical team , and they are- try-
the TUC or press for ,a- “ closed ing.to redace our .stitnstOfeftUBj
shop” within . the ..National -members of that team/ 1
Health Semee. .Another speaker.^ . . JDr.
- The-, decision, taken on the. Alexander .Ma^ra wmimtwity
opening day . of the fuU BMA physician from Brjstok; crauhed
conference in Glasgow, comes that* closed shop for the health
In apite ;of the miUtancy and ^rvfce wor^be : «QUg ^
anger expressed" by tbe hospital" than profe^mial . syicide and
consultants " and general - practi- .woald be dire^ly^contraxy -3oJ
titmera earlier, in : the week at professional ethics. ■ ■ - - • .
their own. conferences. >■. He added:.- We- axe npt rail-.
The consultants decided t»> waymen. journalists, or ■ em-
organise a one-day strike later .ployed by the electricity hoard,
in tee year to protest at the We -are a free association -of
erosion of their pay levels, and Free men and women.
the. family doctors' are seeking -. ^rher, JT-:
interim nav rise? Of "15 per cent, chairman of the- BMA council.
SSJ^RnoJS: “ told delegates that doctors “were
from next montn. . deeply proud and jealou* pf our
code of ethics” and wondered,
jUppOn therefore, “whether the
Support for TUC affiliation by. majority- of doctors would be pre-
tee association came from DiC/pared, however Serious theudis-
Jean Lawrie a gynaecologist at T>Dte, to withdraw .thejr . labour
the Elizabeth Garrett Anderson entirely from sick and injured
hospital in London which fa patients.” - -.-••• •
threatened with closure. “We But Dr. Cameron attacked the
should appoint shop stewards in. statement from Mr. . David
every workine area and do it EnrialK Social Services Secre-
soon ” she said tarv, which criticised the, doctors'
But criticism bv ftr. Len strike decision as “"ttficompTn-
Murray. TUC generaf secretary, busing add unfortunate. * _
of the pronosed strike and pay “ It has done nothing to cool
claim bv doctors wa« used "by tbe jtistified anger of doctors .or
ooponentk of -TUg affiliation irr to ease my task. Thave ho- doubt
thp debate. " '"••• that the • struggle 'for better
Dr. James Appleyard. a consul- .terms is now" and that now is
tant paediatrician, argued: '“The .tee time to demonstrate our will
public attitude of the TUC' to to win.’*.
worse
.1:1 '
document
,jF
Bristow was angry over
pay
MR. ALAN BRISTOW.. chairman compared, to those of bondsmen
of the helicopter company which tee .fourteenth- century.. No
was hit by a strike of more'tban/jprf has had a -more uncompro-
50 North Sea pilots earlier this miring baron.”...' . . . ...
year, .told an Inquiry yesterday : .. -In evidence, Mr.. Bristow said
that he was " bloody cross'” over Qiat Bristow Helicopters.^ tod
talk of pay parity with Jumbo ^ejected a claim , by the.- British
jet captains. "’ :;-Air Line Pilots’ Association for
“ It is fantastic. It is but of recognition because it did not
keplng with .what the market can' represent the majority of pilots
afford,” said Mr. Bristow. . .. in the..company. ... >* . .
The inquiry at Glasgow is iqtp " He did .not ask people whether
the' seven-week strike by the. they, were .union - , members, nor
Aberdeen-based pilots; which -their religion. He hoped Done of
threatened to disrupt oil produc- his staff had ever asked similar
lien in April and May. questions. ; .
Earlier, tee inquiry had heard Mri Michael I^gendhat,, repre-
of a letter from one. Of fhe i &s- sentSg.the cotopahy. Midthat .a
missed 'strikers; 4. Capt-i- Briatt^baJBc^amongvi&t-U.K employees
Balham. to Mr. Bristow, which sbdWed 90 pdr cent of teem
said: “You .Insist we are in agreed with the company's line
breach o£ contracts .-•>-*£* yiud dic^mrt- w»mr uajpns.;- ;- --
Sir, our contracts haTe^eejT? • The tnqQlry f ontjnq^s .to-day. .
Welsh mi
strike ov
plan all-hut
safety official
■ ■' By David Church HI, Labour Staff
.-TOP managers tit : a -major
» industrUa- 7 company are- some
..fit) per cent, worse off Qian
three yeara^fcgo, according to
.an intenni -document drcnlat* '
. ing among Its executives. s
The docpmerit, prepared by j &
the Rolls-Royce aero-engine .sf -
company • and covering Its
plaids ai Derby and Bristol, t<‘- .'
prorides evidence of the sub- \. -► "
stautial erosion of differentials & ■"
;Tor ■; skilled worker?... and \
managers over the past three ; / ;*
years.
■*- The statistics are vUtnally - : c ,-
certain to be nsed by tmions ^ ^
within the company, including V
Mr. Clive Jenkins's Association ^ ; -
of Scientific, Technical and
Manager! a TStaffs and the Elec-
trical and Plumbing Trades
Union, as a basis for pay
‘negotiations with management
In thei:comlngirear.
' - The document, which has no
been publicly released by the
company shows that
manager at Bristol,
ample. Is now earning
average. £6,853 after
about 20 per cent more than In i'
January 1974 — bnt he is 602.v
per cent worse off after allow-
ing for Inflation. Tar liable is
bastid on a married man- with" " :
two children -under 11. • " •
Families . bit . , . ;
■ A- works -manager at thi-
same plant — whose after-ta^' is'- j *
-’salary now -is almost £44)00 K--
year alter a 45 per eent risC.- : :
over three years— is now som^:
35 per cent, worse off.
At the Derby plant A skill eC . _
worker on a take-home, pay o ."
£51^0 per week, after lax— u " T _-
'by over 50- per cent. -In mone.I'- ,-r
terms— Is in fact . some 25 -
cent , worse off alter ■ allowln : .
for Inflation. Jl'. -—
Workers, both male an-.;...:. .
- female^- -on r the lowest rate o . . .
£48.15 per -week before tax ar --. t'. , ’
some 31 per cent better off f ......
spite of inflation. But marrie
men with children were almo* ~
19 per cent worse off afte” ,
'tax • ' . j:;. ’... .
The' -problem of erode-
differentials' among Boll:::-’’
Boyce skilled workers has le ;
over tbe past' 18 months to
series of important dlspntr
which have brought threats v .:
plant closures h>" the compan;
But it- has rigidlr adhered (• ••.
the pay policy and has bee.
unable to restore differentials •
Y. ' *
t
trag^
m, past re
- c*.r. i‘
Jouraalists’
pay row halts
LBC radio
Three co
By Fanline Ctnk* Ubour Stall] J • .
U>10 JOURNALISTS last nif[I IPSj 111 A
ild a mandatory union meeti III (U H J*
MINERS in South Wales will The official. 'was first downr
hold an all-out Btrike/Whea they graded in September last year,
return from their.annuai holiday, after falling Jo -carry o°t a safety
unless there is progress in a dls- inspection. In March, he was re-
pute involving a safety official, instated- as an official .but at a
it was decided yesterday. lower grade.
•legates repre- But after a 6trike threat by the
RADIO
held a :
in a row which .took Londo
news and commercial stati<;-
London Broadcasting Corpo
tion, off the a_ir since early mo:-
ing yesterday. t
The" 65 journalists called te-
meeting 3t breakfast time
protest at what they claimed
their employers’ persistent . #
fusal to start negotiations od '
new- house agreement . ■ i .
The presept agreement expn.
at the end of this month and 1 :
.journalists, who are asking
Ih .30 per cent. 1 increase in tn. c .-
"T:
- ’V
eld's 30,000 union's lodge, he was suspended
corifli
for tee action to on full pay for an inquiry to be
1 salaries, have' been pressl.^
since May for negotiations OUT r '
and working conjiitionSr . f ..."
The . row is between -V....
National Union of Journalfr>
which represents the
in dispute at both LBC-and
Radio News, and ^ ' -' i --
A total of 120
senting the
miners voted
start on August 8. unless an held.
inquiry has started into the re- “We agreed to the inquiry, but
Instatement of the man, who the Colliery Overmen’s Associa-
belongs to the officials’ union, tlon insisted teat the man return
the Nation*! Association of Co!- to work,”- claimed Mr. Emlyn I pendent .
liery Overmen, Deputies and ■Williams.' National Union of j Association of Independent Ra
Shotfirers. Mineworkers’ South Wales Area Contractors, . the employ
The emergency meeting at President ; organisation.
Brigend, Glamorgan, agreed that “Our men arc very angry.! The association stated 1
(he action, by members of the Safely work is vital in this ' nlriit that it had approached »
National Union of Mine Workers, industry, and we will not work ' Advisnrv. Conciliation and A»
would also include the with- with this min until a full Inquiry . tra lion Service.
drawal of safety cover. has been held." I ;
The dispute has already a Coal Board spokesman said:'
cropped production at Abcrtillery “This is an Intcr-union dispute.
New Mine. Gwent, where 1.100 We will support any action to
men walked out when the official bring the two sides' together
returned to work on Monday. settle the matter.** .*
--rf.''
^S-r
-a*
10 i
Union in new
move to settle ;
Lucas strike i:;
le ctricit v
Builders moye for aid
i
A
BY OUR LABOUR STAFF
By Our Midlands Correspond:
NEW INITIATIVE for
f.settleraent of the strike by 1.
• i toolroom workers at Lucas Tm
; tries components factories
v _ ■ _ .the Midlands has been launc
REPRESENTATIVES of both impact on*the Gaveramhnt-. than by the Amalgamated Union -
sides of the construction Indua- those of more highly concen- j EnEineerins Workers,
try will meet Mr, Peter Shore, trated industries. , Mr. Terry Duffv*. AUEW ex»
Environment Secretary. to- . In February unemployment j ^ve council member for the P
morrow to press for further among building craftsmen ! lands, said last night that
Government assistance to the reached a new peak of 72.00Q, ] would seek “meaningful dis->
industry." , and the unipn fears that younger : s ions ” with manaeemenT in ■-
The meeting coincides with skilled worttra will leave the . hope of finding a peace form
publication of a booklet by the Industry permanently, hitting its The union has made official •
Union of Construction, Allied capacity when there is on upturn | strike by toolroom workers t
Trades and Technicians on the In the economy- i demand additional bonus I
current slump in tire industry, The unltnr is demanding j ments.
which it describes as one of the expenditure of Il.lbn. to assist. As a result nf the dispute Lu
most serious of the century. the industry.; This would- «on- ; has announced that when •’
Unemployment among build* sisi of £3Q0m, on house-building. ; annual holidav ends on Auc^
Ing workers, says UCATT, Is £30Qm. op- improvement of sub-! l some 7^00 workers will be
three times the national average, standard = dwellincs and other {off at seven factories in *
but because tee construction work in inner-city -areas and; Birmingham area About l 1 *,
industry Is so dispersed Its un- £3(H>aj. or capital protects io the I mare jobs are placed at risk
employment problems make less civil engineering industry. ithe toolroom action
'•'i
MV- W4-
‘1' ' “■
No date set for Longman deal
m
BY OUR LABOUR STAFF
A SPECIAL meeting yesterday
of members of the Association of
Scientific, Technical and Mana-
gerial Staffs at tbe Longman
publishing group dissociated
itself from a Press statement
Issued earlier this week by a
union , divisional officer.
The statement, Issued by Mr.
Jim Terry, who has special
responsibility for the publishing
industry, concerned a new salary
structure agreed with Longman
and implied that a date— August
I— had been agreed as a starting
point from Which the new
structure would come into effect.
Mr- Terry, said after the state-
ment that do formal agreement
on a starting date had been
reached but that there was an
“ understanding^ between the
union and tee company that it
would begin when the lifting of
pay restrictions allowed.
The union had! taken Augilst 1
as that date with whdt Mr. Terry
called the- “-demise- of the social
contract.”
The union members said yes-
terday: ** The ASTMS member-
ship in Lodgmui restates that
it is bound by tee agreement
signed on June 28-wHb the com-
pany. which states that the
agreed salary structure and
policy will be implemented as
soon as. Awnunen^folicy .and
legislation, allows.
The date of impleinentat; - ; ;
has not been agreed belWA ^ iV
tec company and ASTMS. i ", -i V. - '
is on the agenda' for tee unit * v‘ S ;
general meeting of July 27 r 5 , ' .-j:
on the agenda for tea negots'^3;s - <
S J8* t “P* «> *a»»t 5- , |K. f. .
“The first 0 f these meetfcr
Will decide the policy . of AST ; 'I.'*. it
membership in Longman, ■ .'' r ‘
will tnstrue: the ASTMS « V:'- -' ”
mittee in Longman lo negoti .
osteal policy. 1
** At the negotiating • mectf i ' " - ; V .:
of August 5. the ASTMS te>
will press membership views v.. -t ~ . _
managemenL Uoti!^ the. «n»f i-- t'-'.
uon of negotiations oxi 1®P
mentation,- -no unilateral aril ...
oy cither side is possible;" - -.. -e
‘-v.s
. -••..-.'Jfic;/.. .•
;'-The l^aagdal Tinie? T1
2t.i»7r
PARLIAMENT and POLITICS
13
(.ffl. JAMES CALLAGHAN, yesterday warned the
Mulons not to try to recoup their losses of the
fro
t
S :
'«(***
*- ■
%£-
'».
?! P-* 1
tast two years by staking massive pay claims
i the next round. Such a gamble was bound to
desalt in losses for everyone, he said in the
Vftnnmons debate on the Government’s counter-
^inflation policy.
The Prime Minister assured MPs that the
, iovernment would follow its own advice in deal*
’-VfL? with the public sector. And he trusted that
V' rivate industry would not be so “ weak-minded "
’ r Vs to bny-off any speculative wage bids in Its
Rector.
t B “t having delivered these warnings, Mr.
^.lailaghan was in no hurry to anticipate any
/challenge to them. "Any Government stupid
jNttongh to rush into confrontation is doomed to
V iriilure,” he declared.
& N Surely, long-term common sense was going to
v*.iumph over short-term expediencies, he said.
! .*w one could want to return to the “absurd”
■>* age increases -of 30 per cent.
“ The country is In much better shape to face
the future, than it has been at any time in the
last decade,’ 1 he“ said, amid Tory derision. If
wages were to run amok against this background
of economic improvement, it would be a tragedy.
Mr. C allaghan turned mildly from such dra-
matic prospects to the prosaic role of shopkeeper.
An increase in' national earnings of 10 per cent
was “the best- buy,” he confided.
No one should believe that free collective'
bargaining was going to procure Instant luxury.
If tfae unions examined the Government’s offer,
they would find It much more flexible than they '
realised. And if they accepted it, the decline in
Inflation would become rapidly apparent.
The Government and the unions would con-
tinue in mutual confidence and consensus, Mr.
Callaghan added, with optimism. -“The people
win not fall us and we will not fail the people.”
It was enough to secure a temporary vote of
confidence— but certainly not from Mrs. Margaret
Thatcher.
‘best buy’ Thatcher sees problem
over differentials
BY IVOR OWEN, PARLIAMENTARY STAFF
The Conservative leader nagged the Govern-
ment about Its “ total record of failure hectored
It about Its faffed forecasts; and lectured it on
its forgotten promises.
. One of the few successful acts for which the the Government's productivity; you will not get an wise the nation would find it
country could be thankful was that the Govern ?*? rd or L*®?®^** Z3&™ , British industry; in a vicious circle, witlr
meut had finally put It into the hands of the
IMF, she said.
S 81 ? *« vot L 01 “nSfS 6 ?! 6 * you , wil * not kee P Wwtt skilled higher inflation, “ft b 0^
declared Mrs. Margaret Thatcher, people here; you will not keep rofbe of that is
Stridently and summarily digmiadng Labour
interruptions, Mrs. Thatcher declared that the
in a speech loudly acclaimed your best minds here, unless you wage claims that you will be i
from the Tory benches. do - t0 some genuine growth, ;
«« uic * .charged toe Prune Mims- Replying to a further interven- you will be Sble to have fal
Chancellor had “ chickened out” of harsh de* ter * um v s *«r+Hi SLJP”" £ on Lab0Ur benches, inflation next year." ■
dsions before, and would nn dnnht <t A o, ifLJ/ ^ people for the respon- Mrs. Thatcher pointed out that Mrs. Thatcher, who
v “ douM d0 40 sibility which a return to free the cash limits for the conSns prereed for an incentive
There is no basis of confidence in their collective wage bargaining year had not yet been fixed. policy as a stimulus to exi
.record,” ***? ccIeiL “ No h“is of confidence in involved. Mrs. Thatcher called for a sion. was sceptical of Govt
their capacity to Stick to any policy when the Mrs. Thatcher maintained that e *®3 rer exposition of Government ment predictions that the i
going gets rough.” the compression of differentials. po vfY on wage settlements in the of inflation will fall to *«■
Challenged by Mr. David Steel the TJberal which -had occurred during the pub “® sector, and asked what figures next ye** - - “ Tbe £*?
eeI ' Vff incomes policy now comingto an ?’ ould happen if the Government Minister’s forecasts, are toe
is?* .•* poIi - d “ *»' *»“ *™- SS’SiSa'Sir^SS? £<£ isr* ***** *»» ■
Sa « WSZJSS tta bullying uKtaa*
man. It is your policy we are analysing. No with the ending of any earlier collective bargaining.
woader you can’t stand it”
of free truth,” she scoffed.
The Government’s record, s
ft-.'
ftr
Sft- »
Tragedy to throw away chance won
|by past restraint, unions told
«?
4 =t
incomes policy. ’ "’How do you propose to stand the Opposition leader, was i
As Illustrated by some of the np to it if it is going to occur ? " of total failure and the m et t
strikes which had already taken she demanded, amid Tory cheers, the IMF had had « wxerei
place, differentials would cause While agreeing with the Prime one of the tew wings
“very great trouble” Minister that there should be no which to be thanWuL .
The Opposition leader warned; return to a “ deferential society," „ Mrs ; Tbatch ?£
“The lack of differentials for Mrs. Thatcher stressed that the Tor y be S*5Sl
skil! is. in fact, a detonator for consumer did not wish to be on Mr. David Steel, tne woe
a pay explosion, which I hope deferential to those who bad leader, when he intervened
Sll 1 .. » w.nr. 1 . I J ,Dl- ** 1
will hot occur.” industrial muscle and used it
She urged that a great deal of _ .
room should be found in new pay ( -rATIIllTlP
provision for WUIUUC
settlements for
i--
il'BY JOHN HUNT, PARLtAMCNTARY CORRESPONDB4T
i, -
% WOULD be
anurv mer
vlaim
ask; “What are the policies 3
belive yon can pursue mi
effectively than those outlii
by the Government?"
skill, including " management There were more Tory cheers 1x1 scathing top*®* _Jr.
skill. These were the categories when she insisted: “ We don’t Thatcher reminded _ this you
who had been given a raw deal want the kind of society where maa that policies uni
a tragedy if During 1ris45^ninute speech, fresh about the “ absurd " 30 per it would “guide itself by toe muscle to Jump on the band- under the social contract. might is right, or where waaes debate were Liberal policies,
■ms now tried to force wage Mr. CaHagfeafe placed great cent pay settlements of two or advice it had given .to others. ” wagon. If this happened, then it would have to be recognised and salaries policy go ‘to each lttr - Enoch „ p °we«
wnds in excess of the 10 per weight onvthe need to obtain a. three years ago which utterly He would be writing to the other groups would want to re- that the restoration of differen- according to his strength, and Down S) * described his pieasi
>‘-[t stipulated by the Govern- concensus to^pnler to get an failed to bring any real unprove- chairmen of the three public pay open their wage agreements. tials would involve differences in from each according to his at witnessing what ne can
v.it after the end of Phase orderly retain. to free collective ment In the standard of living, review bodies and would tell Mr. John Mendelson (Lab^ the level of pay awards, with weakness.’” “the official adherence or *
J. Mr. James Callaghan, bargaining, indicated that On this occasion, however, them that the new pay policy Penistone), a Left winger, inter- some getting far less than others Mrs Thatcher advocated more Labour Party to the principle
- vne Minister, warned, as he the Govennnefi would go out of some factors were in our favour, would allow for some flexibility vened to point out that some and having to suffer a further scope for genuine productivity free economy.
l ; ned the economic debate in its way to avoid' a confrontation These included the costs of raw t0 make a start in overcoming economists were urging reflation severe decline in their standard deals and for flexibility lo He said: “ It is a good angi
2 *.. Commons. with the unions- . . materials from overseas, the some of the special problems of the economy in order to pro- of living. facilitate the introduction of a for the future." Instead of co
emphasising that toe aemo- TMs, he.. attained, was the stable value of the pound, lm- which had arisen in pay vide jobs. But nothing had been said by common date for wage bargain- forward with a claim tl
r .ic process would be on tiial only \raj fOTnfl. - The period' provements in the balance of Structure. Mr. Callaghan told him that be the Prime Minister to prepare ihg in major enterprises. . they could “discover the und
•N m f, ”0 return to free of w hat he tejaBed deferential payments, and better cereal crops- “Some of the comments are a hoped that this would eventually the people for this in any way. But she emphasised -the need coverable and solve the inso
» active oarspming, fle said society ” when people automatic- world-wide, ' little bit «** *R«it be Dossible. hut .-aid ^l,- When challenged by Mr. Stan to pnsure that the full extent nf ble.” the Government had «
. #l«Af rTruimiTn uraoA ~ uiuc ujl too pessimistic abmit be poafible, but said firmly; When challenged by Mr. Stan to ensure that the full extent of We.” tl- — . .
ally obeyed aw, edicts of Govern-, He conceded that there were the degree of flexibility in the “Higher wage levels at the Neweus (Lab^ Harlow) to say if the expansion in the money they were going back to fr
; --eases ^ oua jeiMDjy ieaQ Tn»T.* «rsK in«H» nasL many “thorny problems." such new arrangements that they wiH present time with Quran increase she supported the doctors’ pay supply ’ — ■’ — ,l — *•«
s _ ... next year, permitted collective bargaining.^
's.- Wrtfi, .* ’’ nn Huiwuiuua, w w mtcu uw- ue uoie io maae, ue aeciarea. in productivity would result in claim, Mrs. Thatcher retorted: under the agreement with the This meant the- freedom
■-v riiinirthP wHtp ic crrpof t be wopld.he having continuing ing the coming period. There ' The Chancellor would be get- runaway prices and I- am not “You will have to restore some IMF, was not taken up by make bargains collectively a
■^ktiUsls awaterebed hisnme discussions wife the uinons. and was no doubt in his mind that ting in touch with the chairmen going back to that” differentials within the limits increases in wages and salaries. Individually,
*«•» ment, was in the past. ’ many “thorny problems, ...
v ugher inflation or unemploy- j>rfp*j£injster said that ^s differentials, to be faced dur- be able* to makeT^he declared.’
a return to a of nationalised industries and the
■
and freedom
The Prime Minister laid much which have been announced. SomVroom must he left for shop in won sort of a mark
- “ Yon will not get increased growth and investment, other- however imperfect.
ft ^
-
T? ir one of ffdngs they would be people desired
b-vereto miss ttos omwtimitv Poking ^ wouldbe the possibility penod of free collective bargain- Environment Secretary would be stress on the need’to observe the
• - : 'toeiiSomefiSnn of expanding .the economy . as ing. “That desire cannot be contacting local authority nego- 13-month gap between wage
^ tins inour Svow ” l2 sS A «*“ « ******** to do so gainsaid— s 0 be It" tiating bodies. . . settlements id wSed the
Looking to the longer term, he The Government would have The public sector would also TUC statement adhering to
— “ have regard to the “Only time will tell. But it is
tne Government had my view that the majority of
on public expenditure trade union executives and their
. . . which it Intended to rank and file members will not
vJcellor of the Exchequer celIor ‘ were also approach this new period of wage
t -. Healey) in his statement J“d that IncrirasecI pnhlic^spend- He agreed that the Govern- being maintained. bargaining in a reckless or
Friday. tog to area# seen as health and ment would have special “ Excessive settlements in part aggressive frame of mind," be MR. WILLIAM RODGERS/ Trans- vious Conservative Government
•, was noticeable, however, bousing mast : tw part ot such a problems in the public sector, of the public- sector will have said. port Secretary, warned the Cota- for its deliberate policy -of bold-
' Mr. Callaghan also stressed \ . and.said that it was now consider- repercussions in the rest of the Mr. Eric Heffer (Lab., Walton) moos yesterday that excessive ing down public sector prices.
Rodgers warns on threat
to rail fares and jobs
NUM editor
ruling to-day
FINANCIAL TIMES REPORTER
MPs WILL be told to-day if thi
can ' raise the issue of M
Maurice Jones, 33, editor of tl
“Yorkshire Miner,” the offici
journal of the Yorkshire area •
the- National Union of Min
.**• •
~ there would be room for a .. Developing ids main theme, ing tills matter. Rightly, the ’ economy. The national* interest is interrupted - to - warn^ 'of^' : the pay settlements with the British Mr. Rodgers said that if wage workers.^ who^ has claimed l
Ha AvnoMail 9 f ctfilra Iiafa ** A+ *>Vi a _ * «i 1 >iiT nniAA« urAitlfft bano 44 carCriiTC
ft;
nf' ■
w
•ee of flexibility in pnblic Mr. CaUagfia$ , r reminded the Government would be expected, at stake here.” At the same time, dangerous possibility of the Rail unions would have “serious" settlements 'on the railways were fled to East Gennany with h
,or pay increases. House thacmeiuories were still to give a lead in this area, and he added, self-financing produc- Government getting into a series consequences ” for fares, passen- out of line with the rale of family because of police threat
j ' . tivity deals might be possible in of major confrontations with the sera and jobs. inflation, the consequences for ™ Speaker. Mr. Geori
1 ; . some areas of the publicsector. unions. ■ His bleak message was de-. fares, the number of passengers Thomas, said he would give
Turning to the private sector, Mr. Callaghan retorted- “I livered after the rate of fares and jobs would .follow. - ruling after Mr. Frank Hook
Mr. Callaghan said there was the believe, in the new non- increases over the past three Mr. Fowler claimed that over (Lab., Heeley) had argued tbs
danger- that some . employers, deferential society in which we year 5 bad been criticised by Mr. the -past three. years rail passen-.™® supremacy of Parliamei
. anxious to buy. off'-trouhle, would are living that this country will Nonnai1 Fowler, -Conservative gera had faced “ the' biggest In- n«hts issues could n«
—be- willing to use funds -that ( only be governed by consensus, transport spokesman. ; crease; in fares in flie history be upheld under the present *u
should 4>e used for investment in’ Any Government which is foolish Mn Rodgers accepted that of tbe railways.” A pay expio- Ju«jce rule,
order to. .'meet pay demands, euough to rush into a confronta- there had been ver Y large sion would drive passengers away Mr-^Hoomy^S^fl ™at he an
“That would be Weak-minded in tion is doomed to failure" • increases" in fares during this from "the railways in their other MPs had tried to putdow
the extreme," he declared. B*. Reg prentice (LabV New- Pe™* 1 * he Warned the pro- thousands.
Lord Peart, Leader of the _ ^ 3e _.^ I ? zne Minister also had hanr NE) ’said the sitoation
.phase Three cdSlapse leaves
Policies in tatters, \says peer
an a!!-<.uf
jAPSE ’ OF Phase. Three 12-montyrule pn pay rises.' . .
..iations means a return -'io It \ws known that 'Ministers House, said that the Chancellor * multi- facing Britain was in many ways
“disastrous 1974-75 period had aone for policies which they bad used the scope available to nationals. They might-feel that much more dadgerous than it was
there were price controls regj&ded as necessary to -buy. the blm last week for stimulating the , f y ” >uia ° ut “® «>h- two dr three years ago, and more
“ ~ iTTTn J aAnflAmit m.imIiIa SKIBHuOQS Will PH ttlfh HfttrPTTl- tn
io pay policy, the Bari of goodwill of the TUC end there economy to “ set the best possible ^derations whieb the ^Govern- conducive to runaway inflation.
rds were still several in the nine lino conditions . for moderation on men t was setting out : I trust Expectations were being raised
Cordle objects to Select
Committee findings
BY RUP81T CORNWHi, LOBBY STAFF
months, but to make up ground MR. JOHN CORDLE served claims; with tbe express wish of
questions on Mr. Jones, but wer
told they would have to be hel
in suspension because sub-judic
mi*>tit he involved.
The Speaker said he knew 1*9
on both sides had tried to rals
on ia'ue. It was a difficult, an
comnlicated matter, and h<
would make a statement
imp'll I-'-SK?'
jkrro
Vehicle centre
defended
V SZ_ ' ft . '
-A-
t
a*-- -■
-y.»
W"
» »
» ■
• ciaimeq in toe-Lords were still several in the pipeline conditions . for moderation on
, fonnnlated on the principle that W" - .5° And l for increases not merely to
omes policy was a dead won id ^ a Phase Three The Government wae deter- ^.^rinke that the Government -compensate for the increased
mtoS tSt' SfuSmTh.dS these claims very CO st of Uving in the last 12
- ie transformed into the -• - “ It is .
- -nmonfc nn iv when amir leaf faJlc nff Tt ODservea and tne oearee or J..„ .1 — s; — . **,•'•* ~ '•"» /»*■>. nouce lasi mya unu uc piaua v» nu. oaiu siu>ni, Aiumiey
•orv wpaonTi 7 on ec ^ is era 'more embarrassing stimulus given to the economy ^ff^l r0US ^ lu ^ 1 . on to believe If the analysis that the -vigorous counter-attack against General, when the Select Com-
- lint be said ° D ^ when everybody sees there is was the maximum consistent with ^ 1 ° e w P WJ- auns cotild make country was facing a watershed the charges, levelled at him by mittee was set up.
' the Lords debatp on -the nothing at all underneath it.” he tbe monetary limits. J^s ra of ,wage was accepted, then something a Commons committee, of grave By this omission, the commit-
™ L tittt bid -just gone, much stronger than the Chan- misconduct in his Parliamentary tee had prejudiced “any fair the - EXPENSIVE nation*
SttVSta No”tu, t its economic policies topinTZBefe^lor. 5 *^ ^ SSS!5*?S <**f**£> l^S
• •f'ion-shqtiid be able to but all the Government's pofides they are taken up by inflationary - n^was ak^th? Skthat “Ifthe Chancellor seriously TtorXP ! for BmJraemouth finS£s”^fr CwSe sid.^Hto J*- 1111 * at Sw ? nsea „ has B? n ® 01
.tu P to“ SSmeK rig SSSi*®" by C0Urte ? y 0f ^ SSES*? 1 * d Unmpl0y ' lead to po more statement clmming he had been be to accept any invitation SS.
high wage settlements at the ex- than 10 per cent overall -increase, unfairly treated in the commit- to re-appear. “ Otherwise, I r oiin nnramTMPonnrtlJiirfPi
pease of others, whatever the then he should have spelt out a tee’s inquiry and rejecting the sbaU&ave had no opportunity of e^ rptarv ‘^ 1 b«»n >
justice of their claims. One limit for settlements of 5 per allegation that he had concealed persuading the committee that cDnCTdeSbleimorovpmfint: nve!
group might act as a pacemaker cent or 6 per cent at a a "direct pecuniary interest” thelrcriticisma were misplaced.” Sp SJ? !L*r
while others would use their maximum.” -■ in * 1M On Ms second grievance, the do?ng S t£?e££ tfSnuSI
Commons debate on Gambia. MP. goes beyond the report’s -
ment'
' Redemption Notice “ • ?
Electricity Supply Commission
r*» '**-•
«C'
Guaranteed Floating Rata Notes dueT982 ...
'OTICE IS BESEBT ''GIVEN that there has been selected by lot for- redemption on August IS*
i17 t and on that date ELECTRICITY SUPPLY COMMISSION will redeem through operation
i the Sinking' Fund, at 100 per cent of the principal amount thereof together with interest accrued
-,iereon to the date fixed for. redemption; $1,000,000 principal amount of Notes of the issue above
1 ; sig n a led, bearing the following serial numbers: -
jJOXENTJMBEBS WITH PREFIX UBTIEK M
(To be redeemed in fallal (hie priselpil ament ot *1,000.)
« ,-T «3
“I
» S 837
928 1490
1027 1573.
1879
1253
1781
18M
1928
2033
3116
2265
S36S 2781
2452 2816
2643 2818
3173 3418
3374 3577
3316- 3730
3839 4154 • 4616
3957 4278 4727
4063 4353 5038
5301
6242
5362
5418
5551
6676
5772
5853
5956
6016
6295
.iiU
.« rsLooo)
.- 13 (81.000)
IS (Sl.OODl
\)7 (82.000)
. 0 (81,000 }
X3 (51,000)
236 (St. 000)
257 (£1,0001
268 (82,000 )
260 181,000)
2 - SS <*LOOO)
1 55J-222' ass fsLooo j
. § ( S-22& > • 367 ( 82.000)
rn 370 ( 81,000)
% "Hi'2SS» - ‘-3® 1 8X000)'
XOTE KUMBEBS TVCTH PRBFrX LKTTEK X
(The yrinrfpal xmetmt ot each Hole, to J* redeemed
■Wan in parentheses after the aamher of writ Mete)
391 (83,000 ) 494 (82400) 065 (82.00$-)
394 (91,000 / 498j (83.000 1 668 (81.000)
395 (SJ.OOOl 500 (81,000) -670 481.000)
397 ( 81.000 ) 601 (81,000-) 672 (81.000)
398 (82.000 >
303 (51.000)
305 (81,000)
308 (51.000)
309 (53.000)
311 (52.000)
.312 ( *1.000)
313 051,0001
316 < *1.000)
399 ^ 51.000)
A, (51.000)
1^8881
1 {|888}
f (51.000)
< 81.000 >
(82,000)
317 (91,000)
31S:?f
277 (m.080j
279 (£1.000
382 (81,000.1
284 ira.ooo|
? iSffi!
6 (51,000)
f (51.000)
0 (51,000)
1 .«2,W0)
- 287. (81,000 1
.289 (SUMO)
291 (83,000)
294 ( SI. 000)
206 (51.000)'
298 (81.000)
301 (51,000)
302 IS2.000)
___ (52.000)
319 (SI. 000)
321 (61.000)
353 (61.000)
354 (51.000)
356.(52.000)
368 ( 51.000)
359 ( 81.000)
364 (52,000)
’SSttJStt
371 (51.000)
372 4*1.000)
373 ,(M»>
400 (62,000*
449 (SI. 000)
451 (81,000)
452 (SI, 000)
453 (S2.000J
455 <81.000 >.
468 ( 81,000)
461 (81.000 j
465 <81,000
467 (52.000)
489 <SUHJ0i
470 (51.0001
471 {81,000)
473 (52.000)
474 (32,000)
476 (51,000)
494 (82JX50)
498, (EdOO)
500 1*1.000*
601 (83,000
503. <81,000)
508 (81.000)
-512 (92,000)
513 (81.000 *
513 (SI, 000/
516 (81.000)
618 ( 81.000 »
619 (82,000)
€43 (51,000 )
€45 ( 53,000)
647 (S2^00)
650 (81.000)
«M^O,POO|
674 (52JW0)
677
679 (81,
€81 181.000)
770 (81.000)
771 (51,000)
773 (82.000)
775 (81.000)
777 (81.000)
778 ( 82.000)
813 ($2,000)
816 (51,000)-
817 (81.000)
818 (82,000)
819 <81,000)
821 (82.000)
823 (fi.OOO^
780 j 51. 000)
78L 483,000)
783 (82.000)
784 (81,000>
478 (63,000)
492 (81.000)
.657
€59 (53.000)
Ml (SI.D00)
663 (81,000)
7|5 jgOPW
926 ( 51,000.
.1042 .(51,000)
1044 (51.000 >
1046 (81. 000 J
1063 (52,000)
3060 (82.000)
3062 (81.000)
1964 (81,000)
1066 (81,000)
1070 (52.000)
1072 (53,000)
787 (62,000)
788 (83,000)
789- (83,000)
790 J 53,000)
792 (32,000)
7 <8 a 000)
3 (8 9,000)
3 (8 8,0001 .
7 is 6,000)
3 <3 7.000)
1 (811.000)
) (S 7.000)
) (S 6,000)'
> (8 8,000)
*.<$ 81000)
» (S 9,000)
) (S €.000)
(S 5.000*
(S 8,0001
(8 7,000)
<b 8.000)
(8 4.000)
(8 6 , 000 )
283 <83,000*
234 (82.000)
283 (52.000)
286 ( 83,000)
287 (85,000)
280 154:000)
289 (82,000)
NOTEM7J1BEBS WITH FBBEXX XCIXKB-O; ,
(Hb sriettal ament ' at euh Note' -to te redeemed
appeant ta parentheses after the number >( Mh-fitlc)
315 is&OOO)
3IF <85,000)
»7 (54,000)
318 ( 86,000)
319 (35.0001
320 (84.000)
ni (88.000V
277 (83,000* 2S » (S 6.000)
278 (89.000) .298 (5 4.000)
281 ($5,000 ► 299 <8 6,000*
282 (54,000) 300 (5 3.MO*
« MS
291 J
,000)
292
393 (J
381 (85,0001
285 (58,000)
396 (S.OOO)
301 (8 9.000)
302 (*1.000)
303 B 8.000)
304 (8 9(000)
305 ( 8 9.000)
308 ■($ 7,000)
307. (S 6,000)
J08'.(8ia000)
303 (S 5.000)
310 (6 9.000)
311 <8 5.000) :
312 (* 5,000)
3U (8 6.000)
314 (8 WOO)
333 (87,000) 351 (*6,000)
OT4. 186,000) 362 (53.000)
W-C56J001 • 353 (86,000)
336 (S5.D00) . 354 ( 86.000)
337 (56,000) 355 (88,000)
(85.000)
324 (53,000)
327 ( SS.OCC )
(87,000)
338- (57,000
339 («9, OOOS’
340 (86,000)
341 <S6h0O)
342 (85,000)
343 (85.000)
344(88.000)-
328 .
329 ( 89,000)
,330 (85.000)
331 (88.000)
332 (89,000)
^IgSSSi
346
347 (SftOOO)
348 (88.000)
349 (86.000)
360 (86,000)
356 (88,000)
367 (83,000*
358. (83.000*
359 (S3, 000 )
360 (83.000 f
361 (84.000)
362 (35.000)
363 (85.000)
364 (84.000)
363 (55.000)
366 (-88.000)
S ffiBi
369 (*6,000^
370 (Sg.000)
371 <45,000)
372 (69-0OO >
373 ( 88,000 i
374 (89,000)
376 4 *S-295*
376 ( 87.000)
377 <85,000)
378 <§«.*»}
379 (^.000)
380 ( 87,000)
3»i tra-SSS)
382 (89,000)
3a August IS. 1977 the principal amount of each of the above listed Notes or portion thereof
ether with interest accrued thereon to the date fixed for redemption will become aue ana pay-^
in T7£. DoQarS) at the option of the hearer thereof or, in the case sudi Note_is registered as to
uripal, of the registered owner Thereof, either (a) at Citibank, SA., 2Q ExchangeFtoce,
r., N-Y. J0005, Municipal Processing Window, 17th Flow, ‘or (b)
. -5 and reflations at the main offices of CSlibank, NA. in Amsterdam,
..i Paris, toe main office of Citibank (Beipum).SA. m Brussels or the mam office of Citibank
mm
io J surrendered for redempSsfaouldhave atiadied afi unmaturfti “
'rom and after August IS, 1977 interest Iwill cease to accrue on toe J J ot “ to
- ein designated for redemption, and-coupons apaertammg to-sudiNota maturmg subsequent to
.. '.Eust 15, 1977 wifl be void as to the panapal amount called for redemption.
for the ELECTRICITY SUPPLY COMMISSION
• CITIBANK, N A.
' y 7. 1977 - ■' -
whprp Pnnlwm mmnaiiidc tbe trend. It would be easier
compares were, suction of atorect pecuniary when the records of all vehicles
Scottish Euro-seats demand
involved.
interest and' denies even an were computerised by early next
,3?J; committee indirect interest through bis link year.
BY RAY PERMAN
report* which delivered & milder yjth rtip PmiLsnn coniDflflv Con- ma_ . _ ,
rebuke to two other MPs. the stnTctio^ Promotion P Jhecentrewjs deabug with
former Tory Home Secretary, Mr. "hS he been permitted - the 3 - 5m - vehiries_registered m
THE SCOTTISH National Party sboaJd equad two Scotsmen or Reginald Maudling and ^ ’ Mt'
to til nut itnum an fimOTutTnon t In me Tpictinan omul thrae GnnK. A l vT t .. T.L.. lm ri iUrtaeT
and before 1964. This would be
_ _ ViporinP Mr rnrrtlf* w,su wcivic iovx. aiu^ wuuiu uc
is to put dawn an amendment to one Irishman equal three Scots- Albert Roberts. Labour MP for ^t^that hn would have 3 cwhpleted early next year and.
th» nmmMTi rfiront eloAtinnS men *» a- u. ji. *Wte*.UUll Oe WOUIQ naV_B provea -
toe European direct elections men.” Nonnanton, are due” to be difr thar^^fina neiat'ami^emente fl>en aJI 1&m - vehicles on tbe
Bill, calling for a doubling of He added that the votes of the cussed by toe Commons next indlf roads would be on the computer.
H®? L“! ^ ** SU&offt. uS mm “ £ ^ -
Under the Governments pro- depend on the wDUngness of toe of toe three become dear.
the 1964 debate.
posals, Scotland would get eight Commons to move towards in-
seats in tbe European Parlia- creased
ment. The SNP will be demand- lan A
ing 16 seats to give parity with ' The _
Denmark: the regional list system- of pro- to do so until toe Government nf nn „
Mr. George Reid. MP for portional representation that had makes its own views clear. largely for the penent or uon-
Clackmannan and East Stirling- been proposed for toe elections,
shire, said yesterday: “I-t is quite but its campaign would be
unacceptable that one Dane fought with Vigour.
wr •/
planned
”tkT *mp*c" ** aceusatio*n***oF ,,ri *trurt*>n Promotion that I took a msw research institute for
hC part ip , debate on the Gambia ^ *• “*
of the committee to allow him to ■•_- and pressed for HMG to ^ social Science Research
Written Answers
rebut criticism of his behaviour t a ^S2« - £,°2 stn, ^ i TS! tSota^Si ^steiday R f?^d
— in contradiction, Mr. Cordle B»t3sh firms. The committee agreed to provide up to £2m.
- report says that it took that clajm over io years to support such
at . face value to find that Mr. sq institute — if other sources
Cordle did have a direct commit additional funds up to- a
pecuniary interest ■ further- £3m.
treasury
Mr. Gwilym Roberts (Lab-,
Cannock). What study has been
made of toe use of credit cards
In order to exceed the per-
sonal sterling currency limits
on spending by British tourists
overseas and what estimates
regret information is not avail-
able -of toe total sum involved
by toe use abroad of credit cards.
I see no need to curb the use, nor
make a further study, of the use rn . raT . m
of these cards abroad. But of UKADUATSS
Oxbridge ‘still
hogs top civil
service jobs'
from red brick
universities still And it difficult to
course, if in the future it -should t _ , h _ - tlt . „ 5t ., “
emerge that this facility was
are available for the sums abused then I would not hesitate ^
get to the top In tbe civij service,
a Labour SIP complained y ester-
involved? What steps are being
taken to curb this - excess
spending?
Mr. Robert Sheldon, Financial
Secretary. A British tourist may
draw on demand from bis bank,
or other agency so authorised,
up to £300 in foreign currency
facilities for each journey out-
to take action.
PRICES .
Mr. Austin Mitchell (Lab,
Grimsby). What is policy on
the .introduction of the Celsius
Scale ' of temperatures and
toe phasing-out of the Fahren-
heit Scales?
At the top level in all depart-
ments, Oxford .and Cambridge still
have a stranglehold, according to
Mr. Richard Mitchell, MP for
Southampton, Itchen.
He accused -three Government
departments — the Treasury,
Foreign Office and the Industry
Department— of ignoring a recom-
side the Scheduled" Territories. Mr. John Fraser, Minister ot
With the jppnral .or the Baolc State. Op July 7, MTS the House Sa of c“^,o ‘
of England,. additional amounts debated and accepted tbe .then
may be drawn provided it is clear proposed EEC Directive on units
that the facilities are required of measurement subject to cer-
meet genuine travel expen- tain amendments outlined in the .
diture
cards . .
dent in the U.K. Is permitted, finally ' adopted by the Council IT IS COSTING more than £15m_-
Such companies agree with tbe of .Ministers on July 27, 1976. As a year lo run the House of
Bank, of England tbe uses to part of our obligations under that Commons, Mr. Michael Foot,
which their cards may be put. directive, regulations have Leader of the House, said in a
and are advised by Bank of already been made authorising written reply yesterday:
England later of the terms- under the Celsius scale of temperature He told Mr. Clement Freud (L_,
which they may reimburse non- and further regulations will have Isle of Ely) that out of an esti-
resfdent suppliers and affiliates, to be made, before December 31, mated spending of £15,033,000
The companies in turn advise 1979. to cease to authorise the for the year to next March, MPs’
the credit card holder on the Fahrenheit scale. This will mean salaries would cost £4,014.000 and
use of the .card outside the that, where legislation at present expenses £ 4 ,859,000. Contribu:
Scheduled Territories, which refers -to degrees Fahrenheit tions to the Parliamentary contri-
broadjy limits use to meet (“Fl it will be amended to refer butoiy pension, fund, are put at
genuine . travel, expenditure, I to degrees Celsius (°C), . . £991,000.
_ Commons costs
e. The use abroad of credit debate. "The directive incor- f ISm ' tfi T11TI
v issued by companies rest- Porating those amendments was' *'•*--'***• w lull
tanjong tin dredging limited
Extracts from the Statement of the Chairman
Mr. J. T. Chappel, CJ8LL
The profit for the year 1978 amounted to £235,372 before
tint compared with £167,066 for 1975. - The improvement in ■
'flsofltis attributable to the higher output -at 233i metric topi
(267} metric tons In 1975) and toe increase in the price,
.-received for our tin ore at S657 per picul from $575 per picul
inj975.
■ The net profit after taxation, depreciation and charges
amounted to £91,076 (1975— £80,374). Following the receipt
Of., Treasury advice that The Company is no longer subject .
tb' the' current- regulations on dividend coutrpls, your Board -
flag declared dividends totalling &25p per share (1975— 4.64p)
at a cost of £92,916, leaving the balance to be carried forward,
slightly reduced to £178,639.
\ The operating results during the current year are expected
to-ie similar to those of the year under review. Profits there-,
fort will depend upon the price obtained for our production •
‘-The Directors have recently consulted the General
Managers. Osborne & Chappel Sdn. Berhad, as to their view .
of .the value of your Company's enterprise in Malayria. The .
gross book value of the assets concerned is £300,511 but the
view expressed by toe General Managers as recently as April..
197T, on the basis that mining continues- as at present and
that, current levels for the tin metal price are sustained,
is that the gross value to your Company of its Malaysian
assets, that is the value before providing for taxation, fa in
csoess of £750.000 (MS3.000, 000). '
-. Obviously it Is not appropriate to revalue these assets
if. toe Balance Sheet Nevertheless 1 consider the differences
are sufficiently significant for it to be important that all
shareholders appreciate toe -situation.
<
54
jrhe Fmanti^^ Si IB?
HE JOBS COLUMN
Y MICHAEL DIXON
oAu
f
, ; WE USED to have a saying in
• ' i Lilly,” said Ian Mangham,
J rpping his half-pint of real ale.
P-t was : Never surprise a com-
i ; iny vice-president” The
1 mark came as the 40-year-old
! | rofessor of Management
,! evelopment at Bath University
;i as reflecting on the
! lportance of organisational
: iliti.cs in managerial careers.
i, Our meeting last week-end
[ as for me the culmination of
{; process dating from early
!. i miner. It began when a per-
,1 mable individual described to
' 1 ie. the obstacles he had met as
i;
3 area sales manager
the
; ottom rung of a long marketing
. : lanagement ladder — with a
'lories of pharmaceutical con-
i' sms (the U.S.-owned Eli Lilly
roup not being among them). .
He had bees promoted to
! r lanagement on his performance
. ■ s a medical representative
j ■ romoting the use of his
Employers' drugs by general
practitioners and hospital doc-
l ; ars. And he considered that his
access as a rep was more in
pite than because of the ten-
■ ency of big companies to ctra-
: rol their salesmen rather as
t hough, they were youngsters
1 a a faintly old-fashioned reform
j chool.
So wherever he went as a
nanager he tried to minimise
he supervisory paper-work and
j- >ap talks, and to allow his reps
; o function as much as possible
ike businessmen. Unless a
bawimg-ont was. plainly essen-
tial, his policy was what
psychologists call “positive rein-
forcement” — rewarding good
deeds with praise and cammen-
dation to his own . seniors,, in-
stead of harrying his staff- for
their mistakes and suspected
lethargies.
■This approach had evidently
led not only to a marked fhll
of his areas below tbe average
fire-and-hire rate for medical
sales staff, but also to sharp
rises in their turnover figures,
which he showed me. He was
very proud of them, apparently
with justice. One area which he
had taken over when it was
bottom of the company’s sales
'ranking, for example, was with-
in six- months clearly established
at the top.
3he only trouble was lhai he
kept getting fired. He had an
awful feeling at the time- we met
that it wag about to happen to
him again.
We therefore spent the next
hour or more going over the
detailed circumstances surround-
ing each of his misfortunes* and
the conclusion seemed in-
escapable. It was that in the big
concerns for which he ? inked,
success in management
depended less on doing well the
work he had been ostensibly
employed for, than on something
else. The something else could
be broadly defined as organisa-
tional politics— the favourable
Influencing of decisions made
within 7 the long wedge of
managers above him -and
depending finally, of course, on
the approval of the chief exccu-'
five. Unless he was competent
at that, then despite his ability
to generate sales through his
reps, he was an incompetent
manager and deserved to. be
sacked.
which seems an extended version
of the Eli Lilly, rule ^of ’never
surprising a company vice-presi-
dent. .
dial courses in organisational
politics' for the slowed-learning
groups. t
Criteria
With a gleam in his eye, he
set off to temporise with his cur-
rent crisis while fin di n g out
what were the real managerial
criteria of the company, and
teaching himself how to succeed
by them (though how he is
getting on, I have not heard).
Meanwhile, 1 have used various
opportunities to raise the ques-
tion of .organisational politics
with evident experts, including
senior big-company managers.
Of the half-dozen top execu-
tives with whom I have rau$d
the matter, ail have readily con
firmed that political — as
differentiated from economic or
other directly managerial —
activity is the major part of their
work. For instance, a very
senior manager of one of our
biggest banks indicated . last
week that he sees his most vital
task as padding round the execu-
tive suite and its environs, ten-
derly immun ising all foreseeable
sources of a “no” answer to
schemes he wants to' propose.
As a result, I ame ; „ 4MJ
several impressions: Th^ first
perhaps naive. Is that skfll at
organisational politics is essen-
tial to anyone wishing to ' suc-
ceed in a managerial eareen -)But
it .seems rarely to be explicitly
explained as such to aspiring
youngsters, and I suspect that
people approach the skill ip
much the same way as they
approach mathematics. -
Danger
Some appear to have a
natural aptitude . for .under-
standing and mani pulating the
political structures of . different
organisations and for' keeping
abreast of changes within them.
A second group' of people have
aptitude only sufficient frirtiiem
to * mug up ” knowledge above
the prevailing stnictnre^^as to
survive, within it - But ‘there
seem to be a lot of others to
whom .organisational' politics
are so alien .that they,. often
never develop any awareness of
them.
I feel that the failing area
sales manager, now nearing 50,
was one of this last group. ' And
since the people withEpelitical
expertise are not necessarily
those with the ideas smd ener-
gies which would best' advance
the organisation’s business,
there seems to be a strong case
for companies’ providing reme-
Without such a deliberate
mixing of •, managerial skills,
there is surely a danger of a
whole organisation : becoming
confused about its purpose. It
could ' become .increasingly
liable to the Parkinson’s Law
effect of having steadily more
people more concerned with in-
ternal manoeuvring than with
continuing to - earn the com-
pany’s keep. It could become
increasingly liable to Professor
Gerry Harvey’s "Abilene Para-
dox’'— the law of managerial
behaviour which says that
people in groups tend to agree
on courses of action which, as
individuals, they know. are.
stupid. - Which is where Pro^
lessor Ian Mangham returns to
the story because, as head of
Bath University’s Centre for
the Study of Organisational
Change and Development, he
occupies much of his own and
his colleagues* time in going
around helping concerns to
overcome their' behavioural
blockages. .
bachelor p level;, degree in again and again; whenever the liHy job, bas made ine lnin a
sociology. *<;- iituatiba homes' up- superptiStical . animaL - There’s
But he seems-to view: as the ^ “Sometiines the'. .. company no way that we are going to
basic qualification his- previous politics have become so type- say anything m tha first weeks
training as a teacher -.of drama cast, that everybody acts like of. an, assignment,- until uwe*ve
in colleges of education and .they are playing a part la a built relationships with ,' ; the
schools. ' . . great big play that’s going - -on -people involved by sitting- with
' “ There was nothine manned ever. . . . them in tiielr Jfflras, in.pnbs,
about* that,” hirS?¥-»*S 07 *? * -■ ^ “’I 5 01
that whm -I was.' dfliittr S tervene. so .as to .get; this. the. first; importance, you know.
National Service rh the^RAFT recognised and stopped. Then One. of the clients said 'to me
? mure tta* into a tteotherdaythatifheMinown
l. 1
« V '
4
mode where they are, con-, what we- were going to. do he
add:' I derided tb skimisly updating the scripts as wouldn’t have let us start; but
ing about what I . should do
*When k T so along. There $eexns to now that he knew Us he wanted
be an inevitable drift back to us to continue..
In spite of that, though.
afterwards,
train to be a teaeher.
arrived at the twining., college £
they asked me wfiat Was I going
to teach mushv att. or drama. Btit thfe can be resisted if they we’ve been thrown out of some I f.
I couldn't play ^ instruments ■ con ^ tr?te J m contumoj^- r^ fi ITO 5 r x. U ke to think, it was he-
and 1 couldn’f-^nt' either so ^ re ^ on - ^ ldea ^ ^ of cause, whale we were working /I-
it had to be drama? But it has ^ arse> - 1 V vt ? ere «. ev ^ ry ^ : has wi* actors, we weren’t pay- *2
provided a very useful way of VS “ ough ‘ attention t0 ** v-’
thinking about the sorts of P^J^right, his own actor,- and theatre " owners, or : the:: star '
problems that get in the way of ^ own . director. _ .- .actor-director.' r -
change and f development in . ‘.‘Then there are some, of
organisations.”* TSllSlillS course; who want us in not'with -
f$"
t:rt
i- v
THF
As qualifications for this, -he
can quote • his years as the
Rome-based manager control-
ling a' good deal of Eli Lilly’s
European' business,, a' doctorate
degree in psychology, and a
He starts his action research • 'the. intention of having any
by going tb the client company - But'., even ^ though this has cfahnges, . but simply to make.-.--'
-and observing its managerial already, brought the Both' Uni- their own particular play a bit ;;' "
processes.at first hand. And ill varsity. centre £120,000-worth of : more intense. You ■ know the : ■-
too ■ often he finds- himself wgfc-Srom industry and local type: he says his office 'door is^-’ ...
watching a familiar . perform- government,, the business, nf always open, but all it signifies '■
ance. - tasigliag With other organisa- is that he doesn’t nrind sitting^ ;
“It is that the approach tions* political processes is dis- in a draught Nobody ever comes-^;
adopted, whether unions are in- tinctly : risky for Professor through It He has-tau^it themv'r
volved or not has become KCgngham and his action- their roles too well That’s r ::- * '
standard for that .particular researching -colleagues them- drama all right but we’re not i/AOO^
kind or problem in that particu- selves. It is dangerously easy, interested in playing stooges. ^ .
Iar concern. It’s as though the he added, to slip from rocking “In that.' kind of political-r- -
company has a series- of scripts the r boat, which they must do; situation, tfi'e only .way tiiat any- i..“' -
l\
linked to given situations, with into' tipping it over, which they one lean achieve anything worth-'-.':",
given roles for . the people tak- cannot afford to. while is by throwing himself,':
ing -part, which it plays through “ My-career, particularly the out”
Compensation/
Barter Trader
(Eastern European Countries)
Our client a City based organisation,
wishes to recruit a trader experienced
in all aspects of Compensation trading
with Eakem European Countries. '
This is a senior appointment based in
London, which willinvolve considerable
travel in Eastern Europe.
Applicants male or female, should,
write giving full but concise details
of age, education and business ex-,
perience, stating the names of any
organisations to whom your appli-
cation should not be forwarded.
J. D. Vine, Account Director
Lockyei; Bradshaw & Wilson,
North West House,
119/12 7 Marylebone Road,NWl 5PU-
LBW
V
LOCKYER, BRADSHAW & WILSON
LIMITED
J
OEPORTUNIHES IN STOCKBR(HODNG ^
OIL SHARE
ANALYST
*•*’
.We are seeking an experienced oil share aualyst l©
develop our new coverage of this industry. This is a senior
appointment offering excellent prospects. .t.
The ideal candidate should: , % '•
Be aged about 30 to 35; '
Have a thorough knowledge of the oil industry;
Have a Twinimum of three years’ experience analysing s*S
shares;
Be capable of writing clear concise reports;
i-
; ». f
Have experience of conveying ideas to institutional dlents r
Remuneration is negotiable and will. -be appropriate to -the,
experience and ability of the successful candidate. ' '
JUNIOR ANALYSTS
We are also looking for two junior analysts to join our
established' BUILDING AND INSURANCE * Specialisations.
The successful applicants are likely to be graduates or have
had some financial training- Some experience of investment
analysis would be an advantage but-not essentiaL
Tbe preferted age would be 20-27.
Remuneration will be appropriate to experience and ability.
Please write vrith curriculum vitae to:
Mr. W. T. K. P. Williams,
E. B. SAVORY MILLN & CO.,
20, Moorgate, London EC2R 6 a!q.
CJA
RECRUITMENT CONSULTANTS
35 l\Jew Broad Street, London EC2IV? 1I\JH
Tel: QT-5SS 35SS or Q1-5SS 3575
Telex Alo. S3 7374
An interesting and varied appointment — stupe to>Jjjtyome Commercial Manager m 24-34 monthr
CJA
CONTRACTS) ADMINISTRATOR
OXFORDSHIRE / £5,500— £9,000
. ADVJUtCED BEAL TIMS CIH0PBTER COVTROL EQffiPIKIfT/SlWBiSMANBFJlCTOREB SQBSfllUliy OF, MAJOR BROQP.
We* invite applications from' candidates qualified erthdr ACIS oV*part qualified or H.N.C. or OJN.C. aged 25-30 who have
acquired a minimum of 3 years’ commercial administration experience and at least 18 months ar'managing contracts. The
brief of the successful candidate will cover the day to day administration of contracts worth-bfetween £15,000 and £3 million
involving monitoring of work progress, ensuring adherence to compliance, payments, also day. to day general administration
dirties. It will be necessary to deputise for the General Manager during his absence. A’ strong commercial attitude and rhe
capacity to grow- rapidly in a fast- moving environment Is-ifessentiaT. Initial salary negotiable £5,50&£9, 000. contributory
pension, free life assurance, free B.U.PA., assistance with removal expenses if necessary. Applications in strict confidence
under reference CA3795/FT,. to the Managing Director; •-
CAMPBELL40HNST0N ASSOCIATE (MANAGEMENT RECRUITMENT CONSULTANTS) LIMITED
. 35 NEW BROAD STREET, LONDON EC2M 1NH - 7^.: 0M88 3588 or 01-588 3S76 - TELEX: 887374
Scientific
Ime Shannc
Corporation
li-f A,-
. RESEARCH ANALYST
Required h^-. TntvtmiDonai ■ firm.- . of
. petrokum •cenomifr camulttmx. .Th*.
. paddoa inVoNdi milysb ' Md. fore-
casting of worfdwidc encisr «*Pplyf
(kmind trvpdi and offers a .chal-
lenging opportunity for a young
person with Inlda
Applicant* ahould be In dieir early/
nM twcntlos preferably graduraa
wfth ionic experience' in the oil
energy indunry. .
Salary end benedcs . coaraemunte
with experience.
Write In confidence with C.V. to
M. Lewis,
PETROLEUM ECONOMICS LTD.,
I Argyll Stnt,
London W1V ZDS.
STOCKBROKERS
• Small team with good London and
European Iniri national contacts an!
noognrsed spedallit know lad gel
would like to join medium irxed
well financed firm on commission
bun. Might suit London office of
country broken.
Write Box A .6014,
Financial Times.
10. Canaan Street. EC4P 4BY.
Marketing Services
Manager- ICFC
The Industrial and Commercial ^Finance Corporation limited provides
longer term finance and financial services to small and. medium, sized com-
panies. Ic operates through 18 area in major commercial, centres and
tailors its assistance to the specific needs of each customer. Last year 78 % of
customers negotiated sums ofless than ^ 100 , 000 .
Reporting to the General Manager, tteMarkctmg Services Man agei- w ill advise
on the planning and implementation of marketing strategy and provide active
s n p p m -t to Area Managf-rs m the p rn mo tiog and selling of ICFOs SCI tflces.
Candidates most have a sound record of achievem e n t i n marketin g preferably
but not necessarily in the financial services field.
Salary is negotiable from j£io 3 ooo plus other significant benefits. Location
London. SEr.
Please send brief details — in confidence— to D. R. U. Bennell refi £1.12242*
This appo in tment is open to tnat and aomm.
Management Consultants
Management Selection Limited -
1 7 Stratton Street London W 1 X 6 DB
PORTFOLIO
MANAGER/ANALYST
We are seeking an experienced portfolio manager with
a strong analytical background to manage international
equity portfolios and U.K. pension funds. U.S. equities
will nqt be part of the responsibility. Applicants must
have tbe ability to initiate dad conduct original analyses
of companies and industries^ . A keen interest in research
is essentiaL
This is a senior position for an individual who wants_ to
take a leading role in the growth of an international
investment management group. The successful candidate
will be expected to contribute to investment strategy and
to assist in marketing the Investment services of First
Chicago.
Salary will be commensurate With experience and talent.
A good benefit programme if part of the compensation
package. International travel will be required.
.Application.? and curriculur# vitae sf/ouid be .sent to
Richard Carr at:
FIRST CHICAGO ASSET MANAGEMENT
CORPORATION
P & 0 Building
LeadenhaU Street
London EC3V4QCJ
t: -
VELOPMENT
/-HOW: vitaf to devefopng countries
Nepal
Accounting Information
Systems Adviser
Successful applicant required to provide assistance to Nepai industrial
Development Corporation in following areas: review present
accounting systems; prepare Accounting and Audit Manuals; organise
training sessions at periodic intervals for staff of finance, 'Accounts,
and Administrative Divisions; review Reporting System that
management uses to monitor .progress of ail. loan and equity .. .
investments; prepare Budger forecasts and financial and business
projections. Applicants shout'd possess Certified Public Accounting
Degree with at least 7 years' experience in Accounting/ Audit firm
together with experience in Accounting/ Audit gained ideally with a
Development Bank. Appointment 2 years.
Salary to be arranged, piusi a tax free Overseas Allowance in range
.£740 pa to £2.400 is payable according to domestic circumstances.
The post Is wholly, financed by the British Government under
Britain's programme of aid to the developing countries, in
addition to bosic salary and overseas allowances other benefits
normally include paid leave, free family passages, children's
education allowances and; holiday visits, free accommodation and
medical attention. Applicants should be citizens of. the United
Kingdom.
For full details and application form please apply quoting ref. £328
stating post concerned * and giving details of ogc. qualifications
end experience to: — •.-.■•
Jt.
-*•*
;- '’-i*
"■TH
•-V-1'
Appointments Officer;
MINISTRY OF OVERSEAS DEVELOPMENT,
Room 301. Eland House.
SU3 Place. London SW1E5DH.
HELPING NATIONS HELPTHEMSELVE5
* (, l Ull it
■a > .. .
tr m
I'-Si. ' J{; '•
H°\g g
: : in 1;
0%)
■ ■ t *m'
FINANCIAL CONTROLLER
Light Manufacturing
SALARY AROUND £10,000 PLUS CAR
Applications are invited From qualified' ACA or ACCA for this new position created
owing co the steady expansion of. this yvefl established group in Buckinghamshire.
The position will involve immediate responsibility for the full accounting, costing and
control systems of the group, and it Is hoped chat the successful candidate will quickly
prove capable of assuming wider responsibility for financial and administrative management
as Financial Director.
Applicants will be expected to make an early and positive contribution to rhe group,
and should therefore be able to demonstrate a successful career record to date In
an appropriate environment.
Please write In the fine instance giving. details of your experience to;—
Mr. Gervau Hufbert. Reference TW,
Moore Stephens international Limited,
St Paul's House,
Warwick Lane, •
London, EC 4 P 4 BKL
CHID ACCOUNTANT
A COMPANY IN THE INTERNATIONAL OIL AND
PETROCHEMICAL INDUSTRY REQUIRES A
CHIEF ACCOUNTANT
FOR ITS HERTFORDSHIRE BASED OPERATION
The successful candidate, reporting directly to the Board of
.Directors will be responsible primarily for the efficient running
of the company’s accounts department and producing monthly
management accounts.
The job -also encompasses responsibility for the preparation of
budgets -and to join the company’s management team in the
day-to-day running of the company’s business. The position offers
career progression to a keen energetic person who is prepared
to make a major contribution to the company's advancement.
This appointment will suit a qualified accountant aged 30-40. An
excellent salary and fringe benefits arc in proportion to the
importance of the function.
Please send a comprehensive career resume to:
BOX A6O20. FINANCIAL TIMES
10 CANNON STREET, 6C4P 4BY
All replies will be treated in the strictest confident#' .
SENIOR TAX ADVISOR
■. ••
$ . ‘ :| Ji _ •
V <l'v, . ••
FOR INTERNATIONAL
OIL COMPANY
■- 4 mi
&i: fi . ...
" <j»7 ,
:i $
f =nri k— -j- •» -• 1
We are looking for a senior tax professional, probably around 35,
possibly a Chartered Accountant; Solicitor or Barrister, who is likely
to have had several years’ experience.
We would prefer backgroimdin UJK. Continental Shelf Exploration,
and Production, although practice will not be limited to this.
Principal duties will be taadvise on the tax implications of pending
proposed transactions, with primary responsibility for negotiations
and settlement of tax liabilities with taxing authorities. . . _
Travel within and without, the UJK. will be required and salary AU
will be in excess of flO.OOQ p.a. •- . . . .
Please write, in confidence, with details of experience and
qualifications to Box A.60l8 t Financial Times, 10, Cannon Street
EC4P 4BY. _. .
Please indicate clearly in a covering letter any companies to whom you
do not tcisit your reply to be forwarded. -
>v*ti
" »■- h •*' ******** i
- \s ....
Sh ^ .. "
■- •
Mjancihl :.Ttmi^/-Tlmzsd^. Jiily 21 197 %
*Ut
Vfwp
fe.
l.H.
Career Opportunities
f : ,t
m
So--:
%**
>>• •
S-.v
/•^ ■ientific Time Sharing Corporation, world leader
^V:-. APL services, is expanding its international
^ -erations later this year. A marke ting and teeh-
, =; ' cal support office will be opened in London with
C; ^rect communications to the APL*P!LUS comput-
% centre near Washington, D.C. ■ Individuals
■■.th an intellectual commitment to the use of
?L in a business environment will find advance-
V- ent opportunities commensurate with contri-
■ ; ition.
V THE COMPANY ,
. ! ; \woted exclusively to APL services. Scientific
. 1 me Sharing Corporation enjoys the highest
" -stum on sales and one of the fastest growth rates
the time sharing industry. It is the largest
■ '■ . pplier of APL services in the world. Its present
' : *twork covers 120 cities.
t
S*. -
-SlTlU
!Tte
" THE REQUIREMENTS
marketing representatives as well as : technical
nsultants must he thoroughly proficient in
^ v. aching as well as using APL. Experience in
ograxruning and financial analysis is a strong
■s\ mfaination.
; / THE SERVICE
■ ^ ie APL*PLUS Service is used for all interactive
f oe sharing applications. The compand is a leader
computer services for manufacturing, banking,
, r : iurance and other commercial and govern-
mental sectors. • Proprietary applications have
* en- developed in APL for financial planning,
< dgeting, accounting, materials requirements
..mning and other applications. Numerous
.'rj ogramming aids have been developed for
stomising applications at costs comparable to
-the-shelf solutions.
. : £ LONDON INTERVIEWS
i: ; terviews will be conducted in London.*® August*
• and August 22 at the Portman InteBcontinental
>tel by Daniel Dyer, President,'2fad Kevin
iver. Vice President/InternationaL To arrange
interview appointment, reply In writing to:
l«vin R. Weaver. Scientific Time Sharing Cor-
ation, 747 Third Avenue, New York, . N.Y.
17. U.SA. (212) 751-9305. . . T -^. ;
i-.r.
ADMINISTRAII
Scientific
Time Sharir^J
£5500-^
: ^*st
15
Finance Planning and Control
London based
£5,000-£9,000p.a.
British Leyland has a multi-million pound investment programme into
the 1980's.The Finance. Planning and Control function atthe Company's
Headquarters in London plays a major role in ensuring that this programme
is pursued to optimum advantage. This involves long range planning,
review,approva! and monitoring of the major elements of the business.
To meet the Company's needs, deriving from its policy of interna!
promotion, incisive and ambitious people are required for a range of
positions within the Corporate Finance function. Opportunities exj^ j n
the following areas:
Group
Insurance
(Designate)
Pricing and Market
Analysis is the Company's principal
of contact with the Price Cnmmizs-
Profit Planning hasthe
responsibility for appraising business
decisions within the context of a one year
planning frame- work, plus the role of
forecasting and monitoring profit
performance across the total Company
Co
sible ... . _ .
of a comprehensive 10 year Business Plan, proposals for all majorproduct changes
assisting the business groups to construct a f ld capital projects to assess th»r
their long range financial projections, viability and relevance to the overall
and conducting strategic studies. corporate objectives.
point of contact with the Price Commis-
sion. It also has responsibility for review-
ing pricing policies and proposals.
Product and Facility
irporate Planning isrespon- ^ aucian a racnny
erorthe co-ordination ana development “iOgr3mme Analysis reviews
: comprehensive 10 year Business Plan, proposals for all major product changes
Candida tes/male or female, may come from a variety of backgrounds, ranging
from Engineering to Accountancy but the type of qualification is less important
thdn the ability to meet the following criteria;
4* Skilled in Financial Analysisnnd Appraisal techniques.
. * FI air for problem solving.
* Proven track record in industry or the professions.
Salaries range from £5,000 to £9,000 p.a. Benefits include 5 weeks'holiday
and participation in a Management Car Plan.
Please write with details of career and salary progression to date to:-
British
Leyland
Tim Harpec
BRITISH LEYLAND UNIITED,
Leyland Ho0se,174 Maryfebone Road,
London NW1 5AA.
CABOTKEYKAR
TAX PARTNER DESIGNATE to £ll,OOOp.a.
PERSONAL TAX SUPERVISOR to£^OOOp.a.
International practice
London WC2
Chief Accountant
Our client is a major international accountancy practice seeking to expand its tax department by recruiting a Tax Partner
Designate and a Personal Tax Supervisor to service mainly U.S. clients in the U.K. and Europe.
c £7,000
24-^7
British controlled public company;
viding a wide range of services And
an Impressive record of sustained growth-
seeks a Chief ' Accountant In*-*- -
TOdcmal'Jlnrisiim, :*oii
and to deputise for. its
executive. Duties Will be
Location central .London.
financial
TAX PARTNER DESIGNATE .
Candidates should be Chartered Accmmtants aged
28/34 preferably already Corporate Tax Managers with
broad experience of sizeable c li ent groups. Candidates
(male or female) should be prepared to join a smalT
specialist tax team, and be capable of achieving partner
status within two years. The ability to manage a
corporate tax porrf olio of major U.S.~ group subsidiaries In
jibaD-K.axjd Europe is e s s entia l, but detail ad knowledge
ofurs. tax BBotnecessary. Significant taxpdamina
experience wffl be an ad v a n ta ge *
PERSONALTAX SUPERVISOR
Candidates (male or female) should be preferably
qualified Chartered Accountants aged 26/30 with at least
two years' post qualified experience of personal tax,
ideally in an international practice. Knowledge of U.K. .
resident U.S. ertent tax problems would be a distinct
advantage. Duties will indude-the provision of a
comprehensi v e lax planning end advisory service to U.S.
and U.K. senior management of client firms.
DEVELOP, MEW
VdUfW* . -
'- aged 21-27 —
antants/wlth at
dal <j$ftadustriaJ
■t ’ ■ * rr±:m
Candidates — probably :
will be qualified accountants^
least 18 months commercial
experience In. companies / employing
sophisticated management Reporting pro-
cedures. Professional competence, appli-
cation and ambition •_ are . essential
qualities in a group with exceptional
growth prospects and offering real pros-
pects of promotion.
i-
For more inf Donation and a personal history form, pRpse contact Richard Norman, F.C JL,
or George Qrmrod, 8 A. (Oxon) quoting reference No. 1907.
Dl
Douglas UambiatfiAssociates Ltd,
410, Strand. London WC2R0NS. .
Telephone: 01-8369501.
121 St Vincent Street, Glasgow GZ5HW.
Telephone: 041-2263101.
and in Edinburgh. '
? : . : ; . J> LIV 1
s Ads r
For a fuller job description write to W. T.
Agar at John Courtis & Partners Ltd-
Selection Consultants, -78 Wlgmore Street,
London WIH SDQ, demonstrating your
relevance briefly but explicitly and
quoting reference 2617/FT. Applications
will be treated in the strictest confidence.
V T V- **v^***"
a -
SUGAR BROKER
within its
A London Sngar Broker. has a vacancy
soft, commodities terminal department
The successful applicant will be capable, of indepen-
dent thought and be able .to communicate logically
their opinion to clients and on appointment will join
a young team with international business.
Write Box A.6024, Financial Times, 10, Cannon
Street, EC4P 4BY. : . . ...
BERNARD ROBERTS IS PLEASED TO ANNOUNCE THAT
B. J. ROBERTS & CO.
(Money Brokers) LIMITED
will shortly be opening for dealing in Sterling Deposits at
WARNFORD COURT. THROGMORTON STREET,
LONDON EC2.
Applications are invited from experienced and potential dealers
for positions in this new company.
Please write In strictest confidence to : —
Mr. Roberts, c/o Box A.6023.
Financial Times, 10, Cannon Street, EC4P 4BY.
Lessers is a privately owned Group of
trading in the U.K. and overseas in thefieldsofttesgtt
and Build traditional construction. System Building*
Clothing and Investment
We are now looking-for someone with a backgTOM^
in insurance including two to three years in com*
merce. preferably in the construction indLstry ftjs
intended tliat the person appointed, aged around3Q»
will progressively take over from the present Group
Insurance and Pensions Manager as he approaches
retirement
Reporting directly to the Group Secretary he or she
will be involved with the individual Companies in all
aspects of insurance, especially in relation to their
trading activities. With over halt the Group's annual
“turnover of £30 million coming from earnings over-
seas he or she will be particulany concerned with thfc
problems this entails.
In addition to controlling insurance matters the
Manager is also responsible for the administration
of the Group's Managed Pension Fund, which
currently has 400 members.
We are offering a competitive salary to match experi-
ence and ability
Please telephone Helen Harris on 01-572 7533 fora
full job outline and application form, or write to her at-
the lesser group of companies,
The Lesser Building,
Staines Road,
Hounslow
Middlesex TW3 3JB.
IS
&
£
JU
.d
*4
t
£3
W’2
A
Lesser
! I
THE LESSER GROUP OF COMPANIES
HULL DIRECTOR
AGE 30-45
SALARY £12,500
PLUS EQUITY
PARTICIPATION
Our client a major Lloyd's Broker with a substantial and
diversified international account wishes to strengthen their
direct hull division.
• They require i (rail broker/producer whose mam task will
be the expansion- and development of the direct hull account.
The .attraction ' of this- appointment Is that, a major broker
wiir give equity participation in the Marine Company thus
enabling the successful applicant to participate in the success
of the venture. A proven record of new business production
is essential and this must be coupled with good Lloyd's broking
experience.
Additional information may 'be obtained by applying to
G. A- White. Managing Director.
WHITE MAUD AND WARNER LTD.
Marinar House * Pepys Street
London - EC3N4DB ’Tel. 01 487 8141
Newly
trava.
with'
A.C.A. INTERNATIONAL
LSflOO PLUS EXPEN5ES PLUS TAX CONCESSIONS
qualified person required by US. electronics company to
throughout Europe. This is a 2-year career assignment,
progression to a European-based management positio^ 1
thereafter.
Wefl» phone In confidence:
Mr. M. Purtell of C.LJ4. MANAGEMENT 01-353 9183
for further detail*.
SENIOR GENERAL MANAGEMENT
liONG KONG
*&#**&***» .
?or a newly acquired subsidiary in the chemical manufecturing
ield: of . a major British international Group with extensive
nterests and a multi-million pounds turnover in the Par East,
rhis is a top appointment involving the ;day to day running of
he company, guidance in its planned-expansion and leadership
n the drive for wider markets. • r • ; ; v - .
Cbe requirement is for an outstanding chemical engineering
.dxecutive with a proven record of. successful Une management,
iVii/'Ticludi.
g . financial control in chemical manufacturing, together
' 1 ' J vith extensive experience in marketing in the chlorine ^caustic/
OK
)lsach and textile auxiliary fields.
^qualified chemical engineer with marketing orientation aged
545 is required/ The salary is £15-18;000 pi depending on
and experience plus profit bonus and -a comprehensive pack-
e of expatriate benefits including housing. :
Write in confidence to
F. H. Scobie
CORNWALL DABORN GARRATT LIMITED
Management and Executive Search Consultants
333-337 Grand Buildings, Trafalgar Square, London W.C^.
TAX SPECIALIST
.Apq.iiv-
tez#- W"
ionai 4JS. manufacturing company requires a tax researcher
: European Headquarters in Brussels, The person appointed
art to the Treasurer- and will advise country and head-
•' management on international tax matters. The position
tax research, and planning, but no compliance work,
t travel -will be moderate. .
' ge of corporation taxes is desired. - Candidates are likely
ss either a legal and/or accounting, degree and must have
_; irch experience. Fluency in English is essential, with. French
.an an advantage. ...
■T a diversified and challenging working environment, a
- tve salary and a good benefits package. Relocation assistance
wovided.
«. which win bn hnu In xtriani ! *■« ***
rod comtoomion and bo mnt to Bor FJSS. Flaendal Times..
10, Ccnaen Street, ECW 4BY. ... , .
COULD YOU HANDLE
THE PEOPLE _.
WHO HANDLE MONEY?
hr someone, -with Sinking or 5uck-
rhls position
broking experience —
provides plenty of scope lor talented
management— and a futon ttat's
-highly iwwardlns. ' We’re one of the
top international &n|
nployment Agenciai
and o»r Banking and Stockbroking
b currently in need
Stiff Department , -
of a strong-minded ’and Very able
manager. Someone used to plenty of
client comm. ..both dineejwd on the
phone. Someone ambitions. Indepen-
dent *nd aged about 25-JS. There'*
» toed wJary wftb gefieroos coramit-
slon ihkc will reflect tbe work you
put in.
Coll Mike Gilpin now o th 437-9574 If
yoo're iHtewtorf.
PHILLIPS & DREW
Private Qient Department
Phillips & Drew have a vacancy in their Private
Client Department for an Investment Assistant.
The successful applicant educated to at least A ”
level standard will have a minimum one year’s
investment experience.
Preferred age 19-24.
We offer a competitive salary, bonus, luncheon
vouchers and contributory, pension • scheme.
Holiday arrangements honoured
Please write to the Staff Manager. Messrs. Phillips
& Drew, Lee House, London Wall, London
EC2Y 5AP.
The London office of a medium-sized International
Group require a
LADY ACCOUNTANT
as assistant to the Group Controller.
The ideal applicant will be a qualified accountant
'or finalist with some-'experience of consolidations.
The ability to work unsupervised is essential and
there is considerable scope for individual freedom
of action. Opportunities for overseas travel will
occur from time to time. A knowledge of German
would be an advantage, although not essential.
SALARY WILL NOT BE A LIMITING FACTOR
Please reply to: \
The Personnel Manager ’
CLARENDON CONSULTANCY
, 11-12 Clifford Street
London W1X 1RB
Production Director
HighVolpine Industri al Products
This appointment w3I appeal to an engineer or scientist with a
production management background who is seeking an opportunity
to contribute to.thc strategic management of abusiness unit.
The company is aninternationaUy-recognised leader in its industrial
markets. Responsibility, within an autonomous division, will be to
the managing director for all aspects of production and production,
services at three firotoiy locations. Around 1,200 are employed;
processes are primarily higJi-volume metal forming and machining;
The preferred age range is 30 to 40. Experience, in.a relevant
production management role, must-have demonstrated competence
in modem management information systems, including financial and
budgetary contraband in employee relations. More senior general
management opportunities will follow.
Starting salary will be around £10,000 with a car and normal large-
company benefits including removal assistance to the pleasant
northern lqrati®||.
Please write TOthloD details. These will be forwarded direct to our
client. List separately any companies to Whom your application,
should not be seta. Ref. B. 1 573.
CON
UNION CHAMBERS
S3 TEMPLE ROW
HOW BIRMINGHAM B25NS
A member of MSi Group Jnt^hationaf
CHARTERED ACCOUNTANT
FOR SAUDI. ARABIA
Salary £9,000 to £10,000 ptsu
Our KMCHtci m Saudi Arabia
require qualified A.CA. or F:CA.
for Mr offices In Jeddah.
Excellent opportunities and fringe
benefits, salary in tin region' pF
£9.000/£ 10.000 per annum -depend-
ing on experiuncu and qualification.
Ref: SEC003 ■
Intsnrfewi will be held shortly
Application Perm* can be
obtained from:
Enpro Business
Representatives Limited
7 OM Pkrk Lane. M^rfair
London Vlf IT !
Toll 01-499 6(29 or 01-499 MZi
YOUNG DEALER
With minimum of one year’s sterling dealing
experience. Some operational experience in Bank-
ing an advantage. Competitive salary plus usual
Bank benefits.
Please send full details in confidence to: —
Personnel Officer,
.Chase and -Bank of Ireland (International) Ltd.,
XI Donegal! Square South, Belfast BT1 5DL
F3
n
n
□
E
finance managers
Libya and '
Saudi Arabia
To £20,000 TAX FREE
, , + HOUSING
Our rapidlv expanding U.S. client is engaged in the provision of a wide
range of services to the oil exploration and production industry
throughout the world. Major areas of operation include Europe,
Middle East and Africa.
Promotion and growth has now led the company to require finance
managers for the operations in Libya and Saudi Arabia. Each
subsidiary turns over $10 million and is growing rapidly. *
In both cases, the finance managers will report to. the local General
Managers and be responsible for the full ■ finance and accounting
functions. Duties will include management reporting, cash manage-
ment, development of computer systems, staff supervision and
considerable involvement in commercial 'activities.
Aged 30-40, applicants should be qualified, accountants with senior
professional or industrial experience, preferably with ah international
bias. Please telephone or write to Graham Webster, ACA. MBA
quoting reference 1/1537.
EM.A. Management Personnel Ltd.
Burne House, 88/89 Migh- Holbom,
London, WC1V «JL ;
01-242 7773
OPPORTUNITIES IN INTERNATIONAL
TELECOMMUNICATIONS
The Commonwealth Telecommunications Bureau which acta as the Secretariat for a
Partnership of 26 Commonwealth countries who have agreed to pool their international,
telecommunication facilities has a number of senior Ievel yacancies in the accounting
area of its activities. The posts, which are new, ones created to meet the challenge
of the future, carry progressive salary ranges with appointment within the salary
range dependent on experience and qualifications. 1 ■ A non-contributory pension fund
is available.
The work covers implementation of the Partnership financial arrangements and
development of management information in the financial, costing and tariff fields.
Extensive use is made of a computing system for these purposes.
ACCOUNTANT £5,800-£6,800 ,p.a.
Responsible for the production of computer-based management accounts to tight
deadlines, and under rules which are complex and. in some ways, unique. The
successful applicant must be able concurrently to grasp quickly the principles of
.telecommunication services and routing and of the different functions of the
telecommunication equipment in the global network, to ensure correct application of
the accounting rules.
Applicants must have at least four years experience of working at a senior level with
a complex Computerised accounting information system and must have practical
knowledge of the problems of data acceptance, error correction, and control procedures.
Familiarity with telecommunication systems would be an advantage.
DOCUMENTATION AND INFORMATION OFFICER £5,800-£6,800 P.A.
Responsible for drafting and producing rule books, training manuals, analytical case
studies and instructional seminar material. The subjects are broadly financial but the
successful applicant will need the ability to grasp quickly and in detail the working
of the computer system, the principles of telecommunications routing, and the uses to
which telecommunication facilities can be put as well as the financial arrangements
of the Partnership. Applicants must be able to demonstrate the ability to comprehend
complex problems readily. *
Strong verbal skills, with proven experience ip writing riiles and notes on complex
matters lucidly, and precisely are especially necessary and applicants will be required
to provide samples of their work In this field:
ANALYSTS £4,800^5,600 P.A.
To advise and assist in the resolution of problems arising from the implementation of
the Partnership financial arrangements. The successful applicants will be required to
become familiar with the financial policies of and the market served by the Partnership '
and, at a detailed level, with its accounting rules and the computer system. They
should be able to demonstrate adequate experience in statistical analysis, the
development of management information systems and in the analysis of. problems.
They should have strong verbal skills, and the ability to identify clearly ' policy,
alternatives.
COMMONWEALTH TELECOMMUNICATIONS BUREAU
28 Pall Mall, London, S.W.I
Phone Mrs. Auw 01-930 5511 for an application form or write in confidence to the.
General Secretary at the above address.
Corporate Lending
The Royal Trust Company of Canada, successfully operating in the United
Kingdom since 1929, is developing lending to the corporate sector and will
appoint an experienced banker to take charge of this function. This is a new
senior position within the organisations
Applicants (maleorfemale) must have a strong background infinancia! analysis
and accounting with a minimum of ten years bank credit experience, half of
which should be as a lending officer. The ideal applicant win probably be in the
30-35 age range and must have demonstrated client handling ability as well
as being knowledgeable in credit and loan administration.The person selected
will have an opportunity through his/her own personal ability to market the
service and generate new business.
Responsibilities will also include the development of credit analysis and loan
control functions, training of subordinates, organisation and implementation
of a corporate marketing programme and negotiating new lending agreements.
An attractive salary plus an extensive range of benefits will be offered to the
right candidate.
Please write with full career details# in complete confidence# to:-
M. F. O'Meara
Personnel Manager
THE ROYALTRUST COMPANY OF CANADA
Royal Trust House 54 Jermyn Street
London SW1Y6NQ 01-629 8252
Jonathan Wren
Banking Appointments the banking profession.
SENIOR LENDING OFFICER c. £9.0004- - CREDIT ANALYSTS
A major international t»nk wishes to appoint a
* ptilar lending officer la develop and control Its
Middle East loan portfolios. Applicants. «C*d
to £40004-
be tween 28 and 35 yean, should preferably possess
an M.B.A. or similar qualification (although this
is not essential), haw previous Middle East market-
ing experience, and ideally be fluent In French,
BANK REPRESENTATIVE c. £7.000-
An International bank wishes to appoint a bank
representative to develop in u JL loan portfolio.
Applicants aged 26/28 should ideally poasrss »
M.B.A. or similar qualification, and haw gained
at least three years credit analysis and markefttB
experience whieh should include most aspects of
international banking lachtte*.
We currently haw several vacancies for Credit
Analysis with major international and merchant
banka -within the City. Applicants should taw
gamed at fun t*elvt; months Credit Analysis
experience within international banking, be aged
m their twenties, and preferably be graduates or
petseu the A.f.B, diploma, although this is oat
•aicntiM.
appoint a bank DOCUMENTARY CREDITS tft £7,000-
. loan portfolio, W* currently haw scvc-al vacancies for experienced
iealijr poasrss * Oocumenta-y Credits and Bills personnel at all
and haw gained <wwql* up to Head of Department nuth international
Is and marketing and merchant banks within the City. Appitcsnn.
most aspects of aged up ta 45 y Mri , ,hould haw gained tta.r
experience , n international banking.
Pleas# contact: ‘LESLIE M. SQUIRES
Jonathan Wren & Co Ltd. 170 BLshopsgate, London EC2M4LX 01-623 1266
London 4 ■■ c.£9,OOQ ; H- car
This is a key appointment in one of
the largest U.K. retail groups and
arises from the need to; strengthen the
financial, function following' several
years of sustained growth.
■ Reporting. to the Financial Controller, the
successful applicant will initially concen-
trate on the development -of -improved
. management reporting and control sys-
tems. Subsequently, he/she win assume a
■ Aide, range of - responsibilities covering
management reporting,, cash -manage-
ment, capital expenditure control, tax
planning and funding. -
. Applicants, ideallyaged'-35 io 45, must be
■qualified accountants, with several years 1
post-qualifying experience ■ outside ' the -
profession: This should have been at
senior financial level and included respon-
sibility for most of the activities outlined
above.. ' ' . ' ■
Write in ..confidence, quoting- reference
3336/L,io M. D. d’Mahony,
□ : Peat, Marwick, Mitchell &Co. f
Management Consultants, ■
11 Ironmonger Lane, -
. London, EC2V SAX.
SENIOR FOREIGN
EXCHANGE DEALER
LUXEMBOURG
A dynamic international bank whose share-
holders include some of the most prestigious
banks in Europe and the Arab world, requires
a Senior Foreign Exchange Dealer p with a
minimum of three years spotdealing experi-
ence. The ability to speak, or at least under-
stand, German is essential. The position is
based in Luxembourg, where an attractive
salary and fringe .benefits complement the
other advantages of residence in one of
Europe’s key focal points.
The successful candidate will play a highly
visible role in the bank’s operations in world
money markets, and future career opportuni-
ties will be limited only by his performance.
Please reply with/career details in full confi-
dence to Box A6021, Financial Times, 10,
Cannon Street, EC4P 4BY. .
City c£ 8 /) 00 p.a.+ bonus
' A leading North American investment dealer with
offices in London and other major European cities wishes
to augment the staff in its Institutional Department by
the appointment ofan experienced institutional
salesman/ woman .
Report ing to the Resident Manager you will join a
team handling investments in North American
smell team handling investments in North American
markets, mainly Canadian stocks on behalf of
institutional clients in the UK and Europe.
Candidates should be aged up to 30 years with
experience or dealing in the North American markets and
in particular Canadian securities. Some knowledge of
North American company operations would be useful.
The salary shown is negotiable and there are
company benefits.
Please telephone Richard Williams PER on
01-235 7030 Ext 373.
PROFESSIONAL
and EXECUTIVE
RECRUITMENT
This vacancy is
to male and female candidales.
CUSTOMER LIAISON
OFFICER
Swedish Department
To provide administrative support in a small ^ut
active and influential marketing department of the
Bank.
Fluent Swedish and English.
Bank experience essential, including some Credit
Analysis work.
Working knowledge of foreign exchange market an
advantage. Confident manner, able to deal effectively
with clients at all levels.
Preferred age — late 20s+.
Excellent salaxy and fringe benefits. Permanent,
pensionable position.
Please write to A. F. Brignall, PerconneJ Department,
Hambros Bank. £1 Bishopsgate, London ECLiP 2AA.
3§&1 HAMBROS BANK
WORKSHOP SPECIALIST-BURMA
Applications are invited for the pose of Workshop Specialist to
work in the Forestry Project financed under IDA credit.
Period of employment is <21 ycflrs from 16th September, 1977,
and remuneration UJ.S30.0C0 per annum.--
Detailed information of Terms af Reference and Conditions of
Employment may be obtained on /flfluest from;—
Managing Director, •
TIMBER CORPORATION,
P.O. Box 204. AhlorHb Rangoon, Burma
or from the Burmese Embassies and Consulates.
Applications should reach the Managing Director, Timber Corpora-
tion on or before 3 is; July. 1977...
ec
te
c £12,500
im
An
, 1-:S
This outstanding.oarear opportunity fe ...
offered by Portals Ltd. the world leader In
the manufacture of high quality papersfor
currency and security documents. The ' : "
successful candidate will take overtfte -
entire commereiai furrctiort'from-irie
present director on his retirement. Initially ■
he/she will assume responsibility for
market research, product planning and
market intelligence, plus teetotal activity \
related ter non-currency papers. • ■
Candidates aged 35-45 shouldbe.
graduates whose industrial marketing
approach is numerate, analytical and
innovative. Their recent experience, very
likely gained outside of paper and print
should have Involved top level
• negotiations with mdustryand/br
. govemmentThe remuneration packaged?
Is widely negotiable and cOmprises safe^,
•profitsharingand can Location: V;
domiciled rural Hampshire with the nOock
to travelexterfeively. All replies willhe . • r;
: studied Jointly by a PA OonsultantaricL V-
Portals Ltd." \ : v:
ReplyrPA Personnel Servfees-SMM/8p6»pC
The identity 'of candidates wlf! not be _ £■?£
fevealodto oor clients without prior. £
permission given duringa confidehtiaf ^
discussion . Please send brief cahser -. vK' ;5
details, quoting ref&anc&number tothd-
' address below, or write for arrappficatioif :
form r and advise u&jfyoaha&fBcatafy ;’ : ?
made any dlherapptications^ . • -r.- ; r.
si
8 \ N K
PA PersorinelSemCies.. y
Hyde Park House, 60a Knighlsbridg^ London SWTX 7LE.Tef: 01-233 6060 Telex: 27874
' A memberofPA Jmemafonaf .
W1
V3
in the United Kingdom and in many
countries overseas. The gross turnover of _ .
the company is one thousand five hundred
million pounds.
We hope to find someone betweenfprty
and fifty five years old, to bebgsed .
in our city, office, but fit to-travel . ‘
regularly. The salary will be about
thirty thousand pounds ayear.
Please write to F. A. Batcher at
LONRHO LIMITED,*^ CBDEAPSIDE, LONDONEC 2 V GSL
Finance Director
Soutfi Wales
£ 12 , 500 +
Prominent as a /nanufacturer of
fast-moving consumer products, this
medium-sized'industriai pubfio company is
strongly marketing orientated and has a
high reputation tor new product . .
development Its considerable export
turnover introduces a strong international
dimension to its operations. To ^financial
manager In the late3Q’s — early 40’s, with a
strong business sense, and the ability to-
plan for and achieve demanding and yet • '
realistic targets, we offer a seat on the main
Board at an early stage. As well as
effectiveness within the company and its
finance function, we require competence in
external relations with the banks and the •
■ Stock Exchanga Candidates should have '
worked for some time in a computer-based
company which successfully operates tight
financial contra !s.-The post will probably be
offered to a person already earning a five
figure Salary, and a comprehensive benefit
package will be arranged to attraetthe right
individual. (Ref: G2J29IFT)
REPLIES will be forwarded direct , .
unopened ancTm confidence to the client '
unless addressed to ourSectmty Manager
listing companies to which they may not be
sent. They should indude comprehensive
career details, not refer to previous
correspondence with PA and quote the
reference number on the envelope.
PA Advertising
H>dc Park House, 60a knighlsbridge, London SWTX 7LL Tel: 01-235 6060 Telex: 27874
A ri&ntxf ft vfi infernufarfa.'
London
TAX ADVISER
c.£8,500*Car
Our client is a major multi-national group who are the dynamic
market leaders in their field.
Tha international growth of the company over recent years has
increasad the scope and complexity of its tax affairs and consequently
the group is now seeking to strengthen its highly skilled tax function.
Tnp handles its U.K., international and personal tax affairs and is
concerned- with consultancy and planning activities in addition to
compliance work.
Applicants fmale or female) wffl probably be qualified accountants
aged in their, late twenties although experience gained in the Revenue
could prove suitable. They should haw broad tax experience, the
ability to communicate with- senior management and aemonstrate the
management potential which . will enable them to progress within the
group.
For more detailed information concerning this appointment and
a personal history form, please contact Nigel V. Smith, A.C.A.
quoting reference 1S09.
Douglas Ltambias Associates Ltd.,
Strnnd. London WC2R QNS.
1i*piiono; Q1 -1136 9501 .
121 St. Vincent sthwt, Glasgow G25HW.
Tolrjphonfi W1-2263101.
■n id in Edinburgh, ■
COMMERCE & INDUSTRY
OVER £5,000 7
UNDER £15,000 ?
OVER 27 ? UNDER 57 f
JO* HUNTING
tt you are in this salary bracket, »c
are pracilcally certain we can help
you e*t a barter isb quicker. We are
nor an agency bur we tie Eurapo’i
moat experienced career advlKn.
Tel. 01-839 -2271 or writ* to
STATISTICAL ASSISTART
S
hTrlHiViii 1 ]
FARROKH NAZERIAI
Coutta Carters Consultancy
ON. w.c 2
RESEARCH DEPARTMENT*
Major firm requires young per*
son with good A levels, prefer- !
ably including maths (graduate-
considered), •" wilting to work
j hard in routine statistical post
for up to two years with good i
prospects cf progress thereafter.!
Write Box AMI 9 , Financial Timm !
»0 - -
* Persian emreprefleur and biwna»i, 'I I I
®>»". raqvim a pamnabte, wki I
gdnawd utd totally sccapah J I|j h *
Personal Auiions. ^771# pew UJJk.,
appomtad ie likely to bo unwirrH **11),^
and about 24 or 25 yaan of ‘P . , .
and about 24 or 25 yaan of •«• . , ••
Based io London, tba lob *H1 entt j*u * 1 r
visits to the South of Mat**. Or** 'Afir, .
Teboran. and peutbiy other ‘ ■■‘If*,-
Adaptabtlity. tenacity, anaotien *h "||(..
rfeui! amj ebcvrhzlmu . *r* .iWjV
Basic u!ar/ <5.000 9 *-
Ur.- All dir aF — - ■e P dfl lfl ^ \ Ifhl
ib.vuu
Mr.- AH out oF pocket expem**J*i ™
b* covered: accommodation V , r !,. ,
’-’■n be provided, and *n*r X, T| L »
® Lwfcn. £aae»rle« w-ICyA. h |>
W-4S9 17B3. “'" 111 1
Financial Tii^ . Thursday July 21 1977
*t. - -
Bank of America International invites applicationsfrom men and
women for positions in the research department of its International
Investment Management Service.
The successful candidates f primary responsibility will be to assist the
senior analysts in charge of Pacific equities, European equities and fixed
income investments.
Applicants must have a degree, professional qualification or back-
ground in financial analysis, economics or accounting. A knowledge of
International aa^ritingpratiices, computer programming and foreign
languages is desirable, but not essential.
Attractive salaries will be offered reflecting experience, and benefits
are in line with normal banking practice.
Please write with full career details, in complete confidence, to the
Director, I IMS,
.1 BANKOF AM ERICA Internationa! Ltd,
St Helen f s f One Undershaft, London EC3A8HN.
Head oifi C{ " Finance Director
K r l rf T7 % The company is a leader in the field of ere refining and minerals processing with
1 ( Vi P.Y O k n a turnover of around £25m, 3 50% fram opons. It is a subsidiary of a £250m.
f f British group.
■ A- _ . 1 « C This is a new appointment, brought about by the restructuring of the company
V# 1 1 All * mo auionomous wo*t» which canid 1 responsibility for the entire financial
^ livl function of the company. Reporting ra the MD who is also a director of the
parent company, the Finance Director will participate fully in the general
__ management of the company as well .'as develop and integrate longer term
•^ r * t * ' ' v - 1 r a a v with • pia uanfe
fife**'. SJ Candidates must be qualified accountants with sound experience of financial
- -*■ ana 23 tjj-j* management in mang&crurmg industry. Salary negotiable around £9,000 plus
•: r -■ • T U t( ■ car. Re-location assistance to North-East England.
* •' - * *ro$5 !**»>. ■
_ . . Please send brief details -in confidence- to D. R. U. Bcnnell ref. B.43512.
? * ' '.iu £ « * ■ “ - „
- This appeintmtra is open la mm and tramou •'
Management Consultants
‘ " : -•-eesh Management Selection Limited*
-- : hi. ; V' 1 7 Stratton Street London W1X 6DB
mm
lift
*■
— - rv ill be abc-sK
On ooAtli at clients we require
Traders (Physicals & Fururnc). Com-
modity Sttawyt.
BuJmp Clerks. Train** Trmdtn.
Jar U.K- U.S.A. . & Hon* Kong.
London
upto^lS^
GROUP TAXATION MANAGER
The Company A major U K. quoted industrial group with worldwide interests- one of
The Times top 100 companies.
The Job To head the group’s taxation department and to advise senior
ma n agement at the centre and at divisional level on. all aspects of
taxation pla nning and management.
The Candidate Commercially orientated. Professionally qualified - almost certainly
through an accounting practice. Male or female. Suhafanrial pyperienep.
of corporate taxation in relation to international groups is essential.
Please send brief but comprehensive details of career and salary to date, which will be
treated in confidence, to:
J. G. Cameron, The Executive Selection Division- MFS56,
Coopers & Lybrand Associates Ltd., Management Consultants.
Shelley House, Noble Street, London. EC2V 7DQ.
DRAKE ACCOUNTING. Excellent opoor- ,
turtles in Profession and Commerce, i
First class clients await aneilcatiaru from
cart and fully aoalKieo people at all
levels. Rmu Bek MHes ter an immediate i
Interv.ew on 01-628 2691.
Chief
Accountant
Retail London
Circa £ 8,000
Head of Finance
and Administration
Salary negotiable
a*.i5r.
j’.
- sind a/s Tocfrtergeseflschaft der Dresdner: ’ ‘Fur betde posrtiortan ist die BehYrrschung der
lk AG seit 10 Jahren am Platz Luxemburg , ; deutschenurid englischen Sprache unbedingt
ntymafionalBir.-SankgB i chift iffl g. Unsgr ^ed^i^eriicfo'^ .$BWeTfaer ; mit— Deutsch als
.nzvdlimefi betrSgt mehr'alsl 3 MTirrarden^*’ MtitSSjaraqhe warden bevoizugt Kenritriisse
der -franApiscRen ‘und/oder spanlschen
irrwn
Our Client is a very profitable medium sized broking
company on the London Metal Exchange. Due to
expansion they have a vacancy for an experienced
administrator aged around 40, responsible to the Managing
Director forth 0 co-ordination of Accounting, Data
Processing, Contracts, Personnel and Office
Administration.
The successful candidate will be a qualified accountant or
chartered secretary with considerable experience of
preparing and implementing company plans. Experience of
staff administration is also essential for this position.
Salary is negotiable plus an annual bonus based on
profitability.
Candidates ( male or female) should write in confidence
enclosing concise personal and career details quoting
Ref M889/ FT toJ. D.Atcherley.
lance
cy-i'*.'.'
■?'
*4rtSfeffcA_-'v
***' ***•>•'•
- *ev- -’■£*-«■
vvV>'^ i ■
l'\. ‘*i i**--* : '
w- v-tf **.;?• :
' v
rsuchenzum baldmoglichen Eintrittsterra
unsere Konsortialabteilung . y .
einen qualifizierten Bankfcaufniadfi ■
• im intemationa len Konsortialgeschaft
n. im Eurokreditgeschaft fiber umfassende
nntnisSB verfugt und in diesem Bereich
; jon in verantwortlicher- Position tatig war
.-.vieffirunsere Kreditabteilung
einen Kreditsachbearbeiter '
enfalls mit abgeschlossener Banklehre und
r^iflen Jahren Berufserfahrung in dieser
-;i-erte.
Sprache warefc VonVorteil.
Die Dotierung entspricht den vielsertigen
Anforderungen. Bei der Wohnungssuche sind
wir selbstverstandllch behilflich.
Bewerbungen mit Lichtbiid, Lebenslauf und
Zeugnissen erbttten wir an die Personal-
abteilungder •
Compagnie Luxembourgeoisede la
Dresdner Bank AG
- Dresdner Bank International - .
Case Postale 355, Luxembourg.
X
Arthur Young
Management Services,
Rolls Houip. •*
7, Rolls Bdildings. Fetter Lane.
London EC4A 1NL.
mpagnie Luxembourgeoise de la Dresdner Bank AG
CHARTERHOUSE JAPHET LIMITED
-harterhouse Japhet a member of
:he Accepting Houses Committee, is
seeking an additional Credit Analyst
or its expanding domestic and irrter-
^^^Tational business.
fhe successful applicant will be in the
middle twenties with above average
^tandard of education, preferably with
pn AIB qualification. A good general
Knowledge of banking is required with
or two yea*^' experience of credit
- analysis in a bank.
Salary and benefits will depend on age
and experience, and will be of a stan-
dard normally associated with a first
class City bank. \
Please write or telephone for an appli-
cation form to:
D.L Grqenacre,
Charterhouse Japhet Limited,
1 Paternoster Row,
London EC4M 7 D H.
Tel: 01-248 3999.
on
CHARTERHOUSE
A. ■* -«a mern
CREDIT INSURANCE
AND
SURETY — GUARANTEE
In accordance with our planned programme of
expansion we will shortly require additional senior
staff in our underwriting and administration
•departments. -
Applicants must have had suitable experience of
one or other of our activities obtained either in an
•underwriting, broking or banking environment.
Location: London.
The positions offer attractive prospects in the short
term and mortgage facilities are available.
Applications, marked “ personal,” to. .
V. J. Fowler
Managing Director
Credit & Guarantee Insurance Company Lid.
Colonial House, Mincing Lane, EC3R 7PN
TBAmm & MANUFACTURING
Major S.E. Asia Investment Group
Hong Kong
£ 10 -£ 12 , 000 p-a.
A superb career opening for an ambitious executive with proven management
expertise in mutti-disciplines : Merchandise Marketing : Retailing : Promotion of
Consumer and Technical Products : General Administration and Control.
The Group: A major Public Company whose
interests span the Pacific Basin. Investment
Policy Is concentrated In property, manu-
facturing, retailing, trading and shipping.
Your Role: To work under a senior member of '
the Group's management. Play an important
role in • the operation and development , of
Group Companies • Economic, Financial and
Marketing appraisals • Appraising acquisitions
and disposals •.Assisting Group Companies
with Market Planning • Profitability Sludies and
Business Development Programmes. Be. a
central figure in co-ordinating Group Activities.
Our Ideal Candidate: A young, energetic exe-
cutive (27-32 years) who thrives jo a challeng-
ing and trading environment. A ftexible
Individual with proven commercial anrrflnan-
cial acumen. You must have an established
track record .in the management of a success-
ful company and be prepared to travel, with
possible temporary re-location In other areas
within the region.
Remuneration: Good basic salary +■
generous rent allowance + pension -f-
medlcare' + 6 weeks holiday p.a. etc. (taxation
in Hong Kong is only 15%. Your remuneration
package Is worth c. £1 8,000 p.a.)
. /
Act Now: To learn more, and arrange for an
.Immediate interview telephone Richard N.
'Goode, MA. (Cantab) Director on 01-388
2051 or 01-388 2055 (24 hr. Ansaphone). Our
Client will be in the U.K. week commencing
15tli August to review opr short- 1 ist.
MERTON ASSOCIATES (CONSULTANTS) LIMITED,.
Merton House, 70 Grafton Way, London W1 P 5LN
Executive Search and Management Consultants
. TOUCHE, REMNANT & CO.
INVESTMENT STAFF
Late 20s .’J . LONDON
Touche, Remnant & Co. provide investment management and secretarial services
to a group of investment trust companies and pension funds. Total funds currently
under management exceed £700rp and the company is planning to increase its
experienced investment staff.
The new member of staff will be primarily responsible for reviewing portfolios
managed by the group. He/sho wilt also contribute to the organisation and planning of
the work of other members of the Investment Services Department.
The successful applicant must possess a professional qualification and/or a good
university degree and a minimumfef three years commensurate professional
knowledge, acquired through practical experience in portfolio management or
investment research.
A highly competitive salary will be offered and there are excellent prospects.
Please send a comprehensive career resume, including salary history, and quoting
ref: 871 to:
X W. L. Tait,
■ louche Ross & Co.,
Msnkg.ment Consultant*,
4 Ixfadon Wall Buildings,
London, EC2M 5UJ.
* Tel : 01 -588 6644.
YOUNG QUALIFIED ACCOUNTANT
22 - 35 , so uk fit by major International
oil company, to work in die capacity
of CASH FORECAST CO-ORDINATOR.
Experience In budget and ejuh fore-
casting helpful for a position which
calls for provision and expenditure
reporting to relieve! management.
Salary £5,M»-£6.0M iu
MONICA GROVE RECRUITMENT LTD
01-S3f 1 W7
B
requires a .
v *
a minimum of two years
4
experience
Please reply to John Bamford,
y.'-B Princes Streel^London EC2P 2EN
or call 600 4585 Ext. 209
EUROCURRENCY LOANS
SYNDICATION OFFICER
required by expanding multinational bank.
Successful applicant will be responsible for
the marketing and managing of all loans and
will report to the International Loans Mana-
ger. . This is a challenging and stimulating
opportunity for the 'right person. Salary
negotiable but not less 'than £7,000 p.a.
Applications, with full c.V. should be
addressed to:-*—
The Manager,
Iran Overseas Investment Bank Ltd.,
120Moorgate ' •
London EC2M 6TS
Qu liter Hilton Goodison & Co
SENIOR GILT .EDGED SPECIALIST
■ Required to help the existing modest but reasonably
successful team grow into a highly competent,
professional and substantial part of the firm.
We have a sizeable Institutional Business with
acknowledged specialist expertise in the Electrical,
Chemical, Financial. Convertible and Property
' sectors as well as a Private Client Business.
Remuneration and Prospects
Salary, bonus and/or Potential Partnership should
present no problem for the candidate of the -right
calibre. , :
Apply to Staff Partner,
31 -45 Gresham Street, London EC2V 7LH
* 4
FINANCIAL DIRECTOR
DESIGNATE
LONDON TO £9,000 + CAR
Our client, a subsiduary of 2 sizeable U.1C. public company
iT'-'currentiy seeking to recruit an experienced financial
. manager/controller.
The successful candidate should have approximately 10 years
pint experience, at least five of which should be in a manu-
facturing or allied environment. Preference will be given to
applicants who can demonstrate that they possess the neces-
**jfy management skills associated whh a position at this level.
Interested ? — Ring Neville Price oh OT-437 5811
for further details.
House. 54 52 Regent Street, Lundun W1A i'll
Our client Is a prosperous family firm in fhe relail/wholesale business with annual sales of
£2 million, based in north central London.
Due to emigration of the present incumbent, they are looking fora new Chief Accountant to
run att the financial affairs of the company, liaise with Auditors, administer personnel
matters and manage a staff of 13 handling bought ledger, sales records, stock control and
management information. He or she will report to one of the family directors.
The requirement is for a Chartered Accountant, aged mid 40‘s, with industrial/commercial
expertise as both a management accountant and auditor, and the ability to interpret
financial Information in business terms. The successful candidate will be able to fit in with a
well-established, close-knit team, and at the same time ensure that a thoroughly .
professional financial control system operates. J
Salary Is cjrca £8,0Qp with non-contributory pension scheme.
Please telephone for Personal History Form, or write giving details
to Christopher West (ReL504C)
COURTENAY PERSONNEL LIMITED
11 Maddox Street, London WIR 9LE. Tel: 01-B29 1913.
APPOINTMENTS WANTED
ARBITRAGIST
SECURITY DEALER
5EEKS CHALLENGING POSITION
LONDON or CONTINENT
Swiss Banking + London Broking Experience.
Fluent German — English — French.
Please reply Box A.6D22,
Financial Times. 10, Cannon Street, EC4P 4BV
international
BANK
| AUDITING .
-^.£6,000 +
Thi&ti.u outstanding opportunity
■ wJdfr'oBe of the largest and non
-pn&Oional U.S. Banks.
Ideally around 30. you .should
have sound banking experience,
your A.I.B. qualification (or a
■ relevant ilnmairn). knowledge
of French and/or German . . .
Phn evident potential for further
y d«*ql0PBieiU.
. _y*JI .as superb career pros-
PacjXrthe Bank naturally effort a
v *ry. attractive range of fringe
■bendfa."
T «Mion« John CNwrton, A.*-*-
, 0,1 IK 7711
MVlb WHIR ASSOCIATES LTD.
1
NEWLY
QUALIFIED AGAS
circa £6000
INTERNATIONAL
LLOYD'S BROKERS
Assistant Financial Controller
LEADING
MERCHANT BANK
Corporate Finance Trainees
MAJOR '
INSURANCE GROUP
Life Fund Accountant
Our clients are anxious to fi!}
these positions quickly,
please telephone quoting
■ reference CF.H.
01-283 3881
Dukes Careers
21 Liverpool St n E JC2.
J
fyaidenfraad,. B erfe^- F -
DTTEO BY ARTHUR BENNETT AND TED SCHOETERS
TELEVISION
’he trend is digital
j ,LSE CODE transmission and
- cessing principles original-
i in tiie 1930s and now
i. UDOnplace in teleconrmunka-
- : is systems seem likely to take
,: r before long in the televi-
•fi studio, judging from
J aarcfc results obtained at the
• ependent -Broadcasting AuXho-
[ i r*s Winchester laboratories,
j The idea is that apart from
j!' original camera outputs, all
i 1 signals that are amplified,
I satiated, faded, maxed, wiped,
I I a*laid, captioned or otherwise
'nipulated in a TV studio
' ore -radiation from the trans-
; Hers, will be dealt with
Itally.
Advantages are the same as
-pulse code modulation for
; apfrone tine transmission; each
j'le.tbe team of pulses is am-pli-
,"I or otherwise processed, no
I'.lse or phase shift (causing
ranular" or colour - distorted
; tures) are introduced because
^new train of identical, com-
(-.4017 fresh .pulses is generated
f each occasion,
i Another advantage is that
l.jital circuits are generally
| >re reliable and stable and in
j he Instances can be more eco-
i mica! because of their wide-
read -use in the data process-
S industry.
i Furthermore, video informs-
; >n in this fonn can -be readily
ired in digital memories for
;-y.. length of time and can then
•. read out at normal, higher or
J r rates. The signals can be
] fayed, time stretched or com-
essed, standards-con verted
<th greater ease, and can be
i adily controlled by or incor-
irated into a computer system.
■ One of the objects at the 1BA
bora tones has been to keep
i e bit rate of such a system to
’e -mi aim lira so as to minimise
j' e problems of video recording,
i'uch of the signal degradation
a studio results from re-
icording many times in the
iiting processes.
’ Tbds means sampling the
lalogue signal as infrequently
; possible, but not to the extent
lat the picture suffers. For ex-
aple, sampling at only twice
ie- colour sub-carrier frequency
oukl normally be regarded as
x) low. However. IB A engineers
ave found a way of doing this
1 sing two stage digitisation and
' ieeial filters so tbit subsequent
! and -I uni ted devices such as re-
corders can operate at rates
equivalent to twice w®
carrier frequency.
The research team has also
succeeded in modifying a
dard broadcast analogue video
recorder— using a careful choice
of coding strategy for optimum
recovery of data from the tape
—so that half-width pictures can
be recorded that are virtually
indistinguishable from the
original.
Restriction to half width is
only a physical shortcoming of
the machine used: a recorder
directly based on the HJA sys-
tem would use a standard .two-
inch video tape running at 7i
inches/second to- record the
whole of the picture.
IB A claims that no comparable
demonstrations of digital video
recording have been given- -by
any other organisations. Tape
consumption— an expensive item
in running a studio — is likely to
compare favourably with, ana-
logue machines. Such a recorder
if it were now developed quickly
would clearly have great export
potential.
Other “digital” teams at the
laboratories are looking into
information systems for -use in
the ney t regional operations
‘centres of the Authority.^
This will enable the entire net-
work of 370 transmitters (a figure
growing at the rate of one a day)
to be controlled from only four
centres instead of the original 14.
Another system, called DAME
(digital automatic measuring
equipment) provides quality
monitoring of unattended colour
transmitters.
It may be that within a decade
or two the television camera
itself will come to be seen as
the rather stubborn remnant of
a fast-dying analogue world. It
will almost certainly soon be
made to emit digit streams,
although how far back into the
camera itselF this process will
penetrate is a moot point.
But as the electronic world
surrounding television ■ ■ — com-
. puters and communications —
assumes an increasingly digital
shape, it cannot be that many
years before the transmitters
themselves follow the same path:
after all, experience abounds in
tbe radar world. And by that
time the TV set at home may
need to have a distinctly digital
look too.
GEOFFREY CMAfUJSH
Scrubs gas two ways
Fluid Transfer, Control
and Filtration ,
TWO METHODS of gas cleaning techniques/ it: cannot' damage .
are combined in the Damist fume castings.'. . Lubrication Systems
scrubbing, unit— a centrifugal The maker says it at 'least
cyclone and an irrigated packed doubles' .operator throughput, . fiaraiw Fq ninment i -
tower. being able to clean even cam- 3 ■ "
Heavy dust particles in the gas plex castings ^relatively quickly. -Combustion Enqinaerinn
stream are removed in the centri-. It nonnally obviates the need tp » “
fuaal section and deposited in an leach chemically the ceramic I - , t
oil bath. ' The fume laden gas is cores :from passages in castings. r — —t ”
then passed through the tower No abrasive is used in the jet, : •
which is packed with ceramic only- a corrosion/axidatidn -in- driven by a 3-phase variable f re-
saddles irrigated with oil. The hibftor,:. The workpiece is quency oscillator.
extended surface area and mounted on a rotating and. tilt- . Rotation, in either . direction,
frequent direction changes tog table within the totally, can be varied from 50 to 1,000
created b y the saddles collect enclosed blast chamber, and the rpm.
most of the remaining particles j e t 'is directed by a band- Agent for . the UJC, Norway,
in the oil. ' ' ' controlled gnu. A large window Denmark, Holland and Belgium
The second . stage of the irri- with a wiper gives a clear view is FieldTech, No. 2 Maintenance
gated fill, consists of a series of into. the. chamber. Area, Heathrow Airport,.. Hodiu-
0
metallic mesh filters which traps - The unit is sound-proofed, and Jgf • .
the final particles. Both sections. noise emission is said to be 2811), a Hunting Group company,
are fed by a pump circulating so tfBA, Lance length .and jet
oil to two headers, one above the size can be varied down to X mm. POLLUTION
ceramic fill the other. above the nozzle diameter. The water is w rv M ..
metallic wool. . re-clrculated through a filtration . ■ •-> ..
Tbe ‘last section of the unit 1 C Si fill £ . : ' " •" 7
contains a metallic -mesh mist-*' Mare ftoni the maker at T. VlVlw.vU
eliminator which removes any Road. West Meadows PP • i* v ^
oil entrained -in the air stream I ndu strial • Estate, D erby DEL ATT 1X7 O J | C - •
and dSns rl back to tile baS fXE (0332 40955) The company UU W dll^ /
oiftank.: ; -ThebU is replaced eJSSSiSf ADDED TO the range of oil-
when its viscosity increases the an d Engineering,
pressure drop across tbe irri-
gated portions of the unit. HVf* 1 -
Maximum final’ emission is I \ 1 11 ITITlIft
stated to be 28 iniUigrammes/
cu. metre. Capacities range from ^
2,000 10 22.000 cfm. Typical mSffllCllC
applications are for forging *“**ct**^* ^
-presses, hammers and reraelt
furnaces. ‘ SlUTCr
spill cleaning equipment avail-
able. from Biggs Wall is : a port*
' -able dispersion unit for removing
residual oils from sea walls and
other 'vertical Surfaces: ■ ■
Mounted - -on a -two-wheeled
trolley, the- equipment consists
of two pressure vessels, each of
two gallons’ capacity and each
with a hand-operated pressuris-
ing pump. The vessels are con-
r *?■ \
f r = r, - J _■*
i & A&tfr '
m
. :M$v M
JR.
These electric motors arc intended primarily
for use with deep-well turbine pumps and
are designed so that the pomp-shafts may
pass through the hollow drive-shafts. The
motors are mounted vertically. An order,
worth £142.000 for these units has - - bees
obtained by Newman Electric motors and
some of them are seen here being prepared
for despatch from the company’s Yate,
Bristol factory- The motors arc destined
for the Teheran Regional Water Board's
Dasht Gazvin irrigation project in Tran.
gineeriSg l-TLong uS Rowfey UP- TO 30 -different solutions nected by hoses to mixing vaJves
ReSi Warlev West^ M6\ZndL «“>' be stirred individually or and an application lance.
bS ohy ?D *1559 5465)^ BUd|ancls * simultaneously, at the same 1 In operation, one of the vessels
JS65 buy (0-1559 54b5 j. speed, temperature and duration, is filled with sea water and tbe
with a multiple electro-magnetic other with a non-toxic dispersant
1^4-* stirring device developed by concentrate. Both are pressurised
• VV a IPX ICIS EDMAC Associates. East Roches- to about 70 psi. Mixing of the
" T ***'*■'■■• . ter, New York, U.S. liquids is adjusted through
' i Beakers containing the solu- valves at the lance to create the
OlP/111 tiotur to be stirred are placed on desired gelling effect.
a non-slip vinyl mat which covers The resultant mixture adheres
*• the top of n stainless steel unit to the contaminated surface.
pOCTlflCTCI (the - anit can be immersed in where it is left for several hours
water up to 180 deg. F). A bar before being washed off. either
CERAMIC ’ OR - sand core magnet Is placed in each beaker, by hose or by tidal action,
materials from foundry castings where it forms the rotor of a Empty, the equipment weighs
can be removed with a water jet 3-phase 2-pole synchronous lbs. and if. necessary it can
machine devised by Dare Hydra- motor. .- ’ . oe dismantled far transport in
hone. It is claimed to eliminate Mdtionifess ferrite electro- areas difficult of access
the environmental ■ problems magnetic assemblies under the Details from Biggs Wall and
created by percussion and stirring table generate rotating Co., Hampden House. Hitrhin
vibratory methods, and to reduce fields. Excitation is produced by RoacL Arlesey, Beds. (W82
operator fatigue. Unlike manual solid'; state power amplifiers 731133).-
INSTRUMENTS
METALWORKING
Easily used
lens gauge
Simple borfe
cleaner
This announcement appears as a mailer of record only
» ELECTRONICS
Boosts the microwaves
. 1ASED on a high efficiency
ilicon Impatt diode designed
nd made at Dunstable, Micro-
vave Associates has developed
tnd - is now manufacturing a
0 GHz amplifier with a nominal
lain of 13 dB and the ability to
irovide 500 mW of power over a
>00 MHz bandwidth.
The amplifier. ML14100/2, is
ntended for use in microwave
xansmitters and similar equip-
nent where the input power
available exceeds 25mW.
Operated under these conditions
the insertion loss of the unit is
better than— SO dB relative to the
rf signal leveL Measurements of
the single .. integrated airstrip
assembly are only 75. x 115 x 30
mm; power consumption is 200
mA from a 130 ±1-5 V supply.
Applications will be in many
kinds of link equipment includ-
ing relay stations for unattended
operation. An advantage is that
even if the diode fails, the unit
will continue to' operate at unity
gain. More from the company at
Woodside Estate, Dunstable,
Beds. LU5 4SX (0582 601441).
Why Detroit
Buys
British
AN optical test gauge for assess-
ing the quality of lens used in
photographic and television work
has been developed at the Sira
Institute with financial supivirt
from NRDC and the Independ-
ent Television Companies Asso-
ciation.
Consisting of three elements —
image analyser, object generator
and electronics unit— the equip-
ment has been designed to be
used by technicians lacking
special optics training. The
three units are portable and are
set up and used in a similar way
to filming activity. The object
generator is the target, the image
analyser represents the .camera
and the lens is set up and
adjusted In the same way as if
it were on a camera.
The apparatus is then used in
either -a camera or projector
mode to allow measurements to
be made of modulation transfer
function, lateral chromatic
aberration, transmission, T
stop, relative field illuminance,
glare, distortion and back focal
length. The first six instruments
are being prepared for customers
in the TV industry. More from
Dr. T. Wojtowicz, Sira Institute,
South Hill. Chislehurst, Kent.
BR7 5EH (01-467 2636).
GETTING ALL the sand out of
passageways cast into a com-
ponent can be a problem,
especially when bits of the core
material become embedded in
the passage walls.
A simple solution has been
devised by B. O. Morris, based
on the company's flexible-drive
grinding unit The latter’s
multi-strand flexible shaft is
stripped of Its usual protective
cover and a plain shank- is- fitted
on one end with a - threaded
shank on the other.'
One of the company’s tapped
P 0I!N \N- - i 'i
\ ;>** Mgk «e*
. i{ r* n - — •
it a i ;
IT i ft;
Liberian Amencan-Swedish Minerals Company
Monrovia, Liberia
ttrlmiin j ? £i , 4
head rotary cutting tools, such
as a small spherical burr, is
screwed on to the threaded
shank.
In operation, the shaft is fed
through the port- or passageway
to be cleaned. Tbe plain shank
is fitted in the chuck or a hand-
held grinder. With the grinder
switched on. the shaft is slowly-
pulled through tbe bore to be
cleaned. Its natural Hexing, and
tbe burr at the end, ensures that
all loose material is removed
from tbe inner surfaces. This is
particularly important when the
passageway is intended to carry
hydraulic fluid, lubricant, or
fuel. .
More from B. O. Morris. Briton
Road. Coventry CV2 4LG (0203
455041).
UJS. $ 20,000,000
Term Credit Facility
Provided by
The Chase Mafrihattan Bank, N A, - p
Compagnie Flnanci^re de la Deutsche Bank-AG
Morgan Guaranty Trust Company of New York
Skandinawska Enskilda Banken
ask?,— * — : fc ^
iOT f / / r
Skandinavlska Enskilda Banken
as Manager and Agent
July 1977
...
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L __. _i
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Detroit originally used steel forgings for
this type of component. They now use
Ley’s “Lem ax” 45:2 heat treated Peariitic
malleable iron castings.
“Lemax” has immense mechanical
strength and can be flame or Induction
hardened.
But what really impressed Detroit
was that the casting’s performance matched
that of the forging; and that meant money
saved on the process and material costs.
“Lemax” is only one of Ley’s range of
malleables which could make a big difference
to your product design concept.
So contact Ley’s to discover more
about their high-quality castings.
Detroit did. And they’ve not regretted it.
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TW: Darby (0332) 4S67VW«: 37575 Uy«wl-G Drb*
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under (narneofheaefog)’
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When you put a coupon in your ad. so that people can
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Customers get equally frustrated if you don’t tell people
where to get your product at all -or if you just say 'available at
larger branches’ without further definition.
. And as for a great long list of stockists -it restricts
creativity'and media flexibility, it soon gets thrown away, and it
uses up valuable space.
Direct the consumer to your permanent where-to-buy
list- in 'fellow Pages, which works hard 365 days aryear. Then all
you need put in your stimulative advertising is ‘Find us in Yellow
Pages under (heading)’.
Remember -nearly ten million UK adults use 'fellow
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^Soura:Lci.sHanIi l ;3rS
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Vti.’i.
M) .
ll nR Financial Times Thursday. July "21 1977
Scene
EDITED BY MICHAEL THOMPSON ~ NOEL
j/Veefed up bouillon cube
Rattle in export markets
Focus on TV costs
BY ROGER SEESON AMD TONY STREATFIELD
Y * RECENTLY n Uiii : page carried an the total cost of a TV campaign.
' ’ MICHAEL THOMPSON-NOEL * rt, « le ^ avid Re,ch The I t does not compensate for TV
• Media Department on the rela- pre-empt rale cards a major
-*S TO NEWCASTLE? How McGrath, Oakland has beefed up tive costs of media advertising pricing factor in lie market
bouillon cubes to Switzer- its share of the cube market to across Europe. It carried a graph place at the present time. It
, -• After four years’ hard graft approximately 5.5 per cent and of cost indices for the U.JC ignores completely the introduc-
the product devdooment annually produces 60m cubes, which suggested that, compared rion of afternoon TV proqram-
- . clopment Oakland moved to Northern with 1970 media values, by the ming in 1972. and limited ex pen-
■ ■ 0aWantf Ft>ods J™* Ireland in 1974 when it was re- end of the year TV will be diture contracts which reduced
■da contract with Migro, the capitalised to the tune - of costing 3.5 times more, news- the cost of television advertising
' Swiss retail chain, to £400.000, thanks largely to assis- papers 2.25 times more and for many advertisers
: y Migro with £200,000 to ranee from the Northern Ireland magazines 1.9 times more. This At ABH we base our TV cost
XS0 worth of Toro bouillon Finance Corporation. The move is set against increases in con- calculations on the same methods
; from its Porta down factory was made to improve the com- sutner prices of 2.5 times over used by the Advertising A&socia-
I fta. 'rtbero Ireland. Migro s own party s productive capacity the same period. In other word's lion. This gives a real cost of TV
VH 1 is that the bouillon drain more in line with its sales poten- while newspaper and magazine advertising for the whole year.
/■- " Pnrtarfmjn Miilri Inn £Im. Hal. : 1 . . . . ... .
: ^’uliip| t
«f ^ ! ‘lUilt*tic
. Bouillon’ ? . : Ffed9bou!M^ -.^^s
■ 3 e 11 «manzo .
mean 01 tacni. rtuo tapes can jieiu me loiau «juu appizisai of the company s
In our view, the picture numbei 1 0 / homes purchased by l advertising agencies are among future plans and objectives in
. _ . .. .. .. . _ .L ! 1. . r _ ( .Ha mnet 91 3 nip AF MVAraY.nna aV. : 1
painted for the U.K. grossly This revenue. It is, of course, a
exaggerates the increase in TV simple, matter to calculate the
the most stable of operations, the industry
. ,he . <* As Chari
CAUKsnuiea uic iuhcbk iu i* .... ■» » - -
costs, although the rest of the network cost per thousand homes tour or five years is
article gives a good explanation for the year. t t * 1 . ey are
ppr “ sa ‘ of Uie company's take future reports themselves, facts before going into an attrai;
c indu P m. S “ d objecUves ,n T Je ^ual report should be tire dwcrlptioi about the COO
4 c rl?u used , raucb more widely— pany and its history over thi
,■?!? . . . Saatchi ■ says: employees ought to receive it previous year. • j
wnat was lacking rn many of (or else as an alternative a situ- a sood example of this forn
ie rernirts we stnriiAri ust nhfiorl Minn j _ " _ ? . . . .* >■«
=Xt£ -ssafi- & saaffl ra»rsmas “Sss
fcl'.J FIe?~, *
L^irrtr
Bf&S
m uic causes ueoina me- muz* u» i«u u<«
tion. Let us examine ABH esti- actual Advertising Association solid ana reliable investments,
mates for the same period. data for 1970-1975 but the AA has Look, for example, at the lop
We broadly agree with David not published data beyond this ten agencies of 1976 and eom-
Relch’s estimates for consumer point. Our 1976 figures are Dasea pare them with the names in the
' price increases and increases in on the same . to be «?mlin aSU i ta S 1 f~ sevel1 3 £ encies
1 luitc Illume, auu uivkphp iu — . _ * n = — ■» uncu dtcuues
cost for both newspapers and confidently ®*P e 5L t ^? a Tlll »,iu» 1 , a i? p , ear °. a both lists. As for fears
magazines but our graph’ shows confirmed when the aap that major advertisers are con-
Before
[magazines but our graph’ shows confirmed when tne aap that major advertisers are con-
TV cost increases below the line these st atistics in a Iew weciu> stamiy switching their business,
I *?* e a 1°°^ at bow long most of
Index of increased costs— 1 977 oo 1979 (—100) them stay with the same agencr;
David Reich SlL&StlL the “«*»*»-
d in 1971 by Dale Fishburn expected, and a series of initial
lory McGrath, two middle- production- setbacks meant that
marketing men in large the N1KC, bow the Northern Ire- _ „ .
-mies who decided to do land Development Agency, was consumer pnees
own .thing and set up their called in for farther support .
>rivate label operation. The confidence seems to have jNcwspapcr*
first target they tilled at paid off. The bouillon cube for magazines
le Oxo cube, and the meat Migro bas 'been specially devel-
vegetable extract market oped to meet Swiss taste, and for consumer price
estimates'
(interpreted from
the graph)
255
355-
225
190
bn 1979 (=100) them stay with the same agencr;
nUS'ttoJie. 0 ™ 1 miiori *- v
iled from ABH Perhaps more to the point as
raph) estimates * ar as the City is concerned,
55 250 agencies are much more profit-
55 250 ab'e operations than is widely
25 238 thought. In the last five years,
JO 210 f ® r instance, pre-tax profits of
_ _ advertising agencies have ex-
m. iflT? ceeded the comparable profits of
The 1977 projection is industry- as a whole on .four
V, » .
Afters.
T»
ik
vegetable extract market oped to meet Swiss taste, and f 0r consumer pnee Increaiea tune. The 1977 proj ecu on is industry as a whole on .four
illy, which at that time was Fishburn and McGrath, who now 0VC r most of the graph. « °“ r jjjf m?? low occasions.
Uy free of retailer own operate primarily on the estimates are correct TVnwtn* v. Mak ‘ nfi cenain that the City
competition. It was a good marketing of Oakland s products, creases will have caught up with expect the rest ^of the j -eni ^to go. has the correct information is
and despite initial si ifT arc looking for good future consumer price increases by In fact fw 19^ our forecast of particularly important to the
nee from Oxo, which re- growth in lucrative export mar^ end of 1977 and although they- an increase of — per cent, in TV I four n„nf*ri
HFELti “fr^insi, « ,„ D ^■l£Jn. 1 !si5^sr3
xism. <4, mamet tefore gffi oSS* “4 WS s2S_S* SSL '“Uf S3SE? t. % .SL.'S K L ,h ;l Hs?.™- «^Ss
Quoted agencies
have increased faster than Press costs matches David Reich's! shares are dealt with actively
on the Stock Exchange.
From Saatdii’s outstanding report
Fishburn and tive little rival.
in the form of a poster for the Brake and Signal report, whid
H Annual Reports produced for thi
company. The report first d?s
crlbes the company and it.
directors. This is then followed
by the year's highlights, thi
chairman's statement aud
pages of drawings of the West
inghouse product range. (Photo
graphs were considered to p*
too expensive and too dreary;,
On the day the report appearer
most share prices fell. Those o*
Westinghouse rose and the re
port gets some of the credit.
Taking a professional approach
to the annual report usnallj
costs more money— a consult
ant's fee could be £4.000 — bU|
much of this can be recoupe*
by asking for competitive bidi
from printers. In the main thi
objections to refashioning the
report come from company secret
taries and directors who fear':
" glossy " report looks had
especially to shareholders, in' e
generally depressed economy
rtstandin® renort But t he improved annual report
8 p should not be glossy: it should
communicate.
factory wall); trade unions and It is up to advertising aged 1
existing customers are other cies, acting with the marketing
obvious recipients. Salesmen, directors who now usually wield
especially overseas salesmen, considerable power in conf-
ought to carry copies, thus in- panies, to argue the case for an
■ *%■■■ vjj
rg 1
NEW ORLEANS STYLE
1 estimates for consumer price in- method for the two final years, sphere of the industry ensures the lone tenn^ « P tV a . y overseaj ? salesmen, consider,
/creases and TV and Press cost Nineteen-seventy-seven of course that it gets more than its fair ‘,rt Si* 5 *! lo c F ry . copies, thus in- panies, t« * ..i —
-increases. The differences lie includes an element of forecast- share of publicity rr ?{S? ??, aDdaJ potential clients of the annual report which sells a com-
in the two sets of TV estimate,, ine too. As it h.ppens, Sootehi sod SSSted Sn orSidi^Ts stS ties "?K, ** tradiu “» 1
So which are closest to the real ^ conclusion we would claim Saatchi Cpmpton. which handles Ucallureev of the entire fdte? SllwfftanM fina ?5 lal fin ? nelal
situation? that for most TV advertisers our many of Britain’s leadine a river- S,* fnabfts should be on the mailing ants, _v
In conclusion we would claim Saatchi Compton ’which handles inf- l nes : A* 1 ® o* course financial financial view of
that for most TV advertisers our many of Britain’s leading a river ^ eDtire ^. dver ‘ analysts should be on the mailing ants, who have
forecasts of cost inflation are inrhS nJStS fJSZS ^ “^1,3 1 151 « lon 8 vith shareholders. dominated the doi
f the account-
ive so long
document As
ATTHE •
HDTISSERIE NORMAI
22 Portman Square > London W1
October making allowance for advertising over tne past two m City and business circles. It advertising-business has achieved on v „ e carn ? d , m f L r «° :Jf B J oraers ’ T
the changing levels of audience they have only just is the largest and most profitable a portion of mSch glamour but k 3 ", easily be allocated to the should they make their accounts
and attempting to allow for the cau § ht U P v^th increases in con- of the quoted agencies and its little real nreft?«^e and 5 aek u ? nd fu ^ he I distinguished their marketing balance sheet. .
level' of discounted selling of air- sumer prices and are not far out rapid and sustained growth, influence." ° . by being printed on different This is particularly true for
time in force each year. hne wiui the increased costs which has made it the fourth Thp Qaatrhic arp nnt ainnp tu C0l0ured .Paper; the rest of the the publicly quoted advertising
In our view this method is in- °f f* ress advertising. largest agency in the U.K. in reaJisinE the communication [ ep ?^ ls,: as . tte Saatchi agencies. And if they can't
accurate and mialeading. It *00^ Beeson is Media Direc- just six years, ensures that the J ThP W brothers are anxious to point communicate to shareholder
assumes that the cost of peak tor and Paul Streatfield is Media company gets a more receptive (he last few vears this document. 18 an opportumty l P market the City or' to whoever, wb
time' bears a fixed relalirmshio to Controller of ABH. hearing than many of Its tK- TJLlZZJrZ'TZ .? we company. ; can?
There’s nothing like those early^morning dream crepes,
lose fresh dressecLplattereandkotireiich bread followed
hy cups of deheious spicy cafe bndot.
live Jazz and Creole Cooking at ThePortinan every
Sunday between 11.00 -5.00.
Dress -Just casuaLYouTI be there -withfeiends
(j-ours or mrcs, it 7 s all the same).
Atmospbarc-RBany^iendlywitlithetig n a lreTf a bl o .
Portmanaerrice.
In our view this method is in- of Press advertising largest agency in the U.K. in reiisine ihe commnnJcatio^ lB ' as . tte Saatchi agencies. And if they can't
accurate and misleading. It R ° 0 *r Beeson is Media Direc- just six years, ensures that the J Tp a Zai S w brothers are anxious to point communicate to shareholder
assumes that the cost of peak tor and Paul Streatfield is Media company gets a more receptive {h e last few vears this document.' -Sv 18 an opportumty l P market the City or' to whoever, wb
time' bears a fixed relationship to Controller of ABH- hearing than many of its ^ most important annual pub- - Company ' / -* can?
j ,vais - .Saatchi devoted a great ijshing event for any company, ■ ■ - ■
— — : — de *j °. f care and attention to has started to receive a lot of
^ New media head for JWT
Recondite ASA cases Fir stockbrokers ,P desks for AMh?r, * ^^ITIMOTHSr JOYCE is to be the ent of the JWT New York
a long nme - ate subsidiary. Biro and Shaw,- new media director of J. Walter subsidiary Axiom Market
BY PAMELA 1UDGE , *i\ e \ agency studied several specialising in preparing annual Thompson in succession to David Research Bureau: he joined the
1 hundred company reports before reports. Wheeler who is going to the JWT subsidiary British Market
MOVING SODS after excep- an assurance that further refer- embarking on its own which, it There is also Annual Reports. Institute; of Practitioners in Research Bureau in 1958 and the
tionally heavy rainfall. Ella ence material would- clarify the ? a J' s - - vas intended to supply Ltd., linked to the Michael Peters Advertising to take over as Target Group Index was one of
Fitzgerald's amplified voice which position regarding Scottish and information not only on our design company and headed by director when James O'Connor ' the research services he Intro-
broko a wine glass and the Pro- English monarchies. company s profits and balance Martin Stevens, former, chief retires. Mr. Joyce is 43 and will duced. In 1972 Mr. Joyce
vest of Cumbernauld and Kilsyth In all, the ASA 's latest report *“ eer - , °“ ,tf L b . roader executive at Lippiocott and Mar- join the JWT Board on Septem- launched the TGI in the UiS.
on the date of the British deals with 99 cases of which 33 J ;«.* .v^L 08 iH SVi 1 ®** American comrauni- berl. ... where it now has over 30D
monarchy were among the -more relate lo mail order and do nnt advertising industry, its cations consultants. Annual At present Mr. Joyce is presid- subscribers. p t
Recdiiaite ASA cases
BY PAMELA JUDGE
broke a wine glass and the Pro- English monarchies. \
vest of Cumbernauld and Kilsyth In all, the ASA's latest report
on the date of the British deals with 99 cases of which 33
monarchy were among the -more relate lo mail order and do not
recondiie of the 66 cases dealt involve copy claims. Of the
with by the Advertising Stan- others investigated 47 were up-
dards Authority during May. held either wholly or in part. The
Advertised “ Prompt deliveries areas of the Code of Advertis-
of weed-treated turf" do not ing Practice which brought up
occur after heavy .tain- until the greatest number of corn-
ground conditions improve, the plaints were exaggeration, bad
ASA discovered and which had taste, price reference and lack
to. satisfy the complainant. The of clarity. In the breakdown of
shattered wine glass case was complaints motoring (plus fuels,
substantiated and the advertiser services and accessories) again
was " entitled to emphasise the led the field followed by retail
In one week^upan talk to
the same number ofpeepe who were there.
names every week. Come onmwztLyonr £ien Js
^^^adfiun%am Am s ^ youisdvea athonie-bnthobkfirst
j - ' andyoawoirtJbe disappointed! •
TELEPHONE : 486 5844
qualities of his product ” said the stores and outlets.
authority. The dating of the — — —
British monarchy on a collee- • Predicting bil
Predicting billings.. -of £lm.
tion of commemorative ' medals next year, Smiths Food 'Group
brought an apology for any has chosen -Dorland to handle
offence or embarrassment and the crisps account. The agency's |
■■■i work will include Salt WShako.
nafflaasHEffl
mmm
convenience
Export Drive packages are
inclusive tours. You drive your own
i Belgium, France,- Germany,
mbourg, Switzerland, Holland and
id. '
Ye look after your travel arrangements
took you into some of the nicest
s in the major business centres.
- .. j pw,.;
‘EXPORT DRIVE for comfort
PORT DRIVE for value
We cpn^enfrate on-your comfort, so
you’re f re ©Jo conce ntrateo n your
businessj^tway, you get maximum
benefit from’your' trip.
'ou couldn’t book travel and
nmodation separately anywhere
our prices. For example, 4 people
2 2 nights bed and breakfast in
, pay an inclusive tour price of only
er person.
For further details and booking forms
pleaseconfectyourtravel agent or Seaiink
Travel Ltd., Inclusive Tours Section, Room
128 , Victoria Station, London SW1V 1 JX.
Tel : Ol-m&St, Ext 7493/7569.
the crisps with the blue bag of i
salt. Square Crisps, currently on
test in the south west, and some
new developmeat projects.
French Gold Abbott.- The Kirk-
wood Company, and Davidson
Pearce Berry and Spottiswoode
also pitched for tbe business
which was with Ogilvy Benson
and Mather.
• Mathers and Bensons has won
-the London Tourist Board ac-
count which comprises promol
ing London to home and overseas
tourists (including the River
Thames and tourist information
centres) and promoting the ad-
vantages of LTB membership
to such parties as hotels and
shops. . . .
• Cadbury’s confectionery
group has placed its Dairy Milk
chocolate advertising with Lee
Burnett.
• Billings of some £100.000 from
Lindt and Sprnngli, the Swiss
chocolate manufacturers, are ex-
pected by .new agency Lonsdale
Osborne.
• Following integration of the
U.K. sales and administrative
forces of AngJo-Dutch . Cigar
Company (Willem n brand) and
Colibri Lighters -the account has
been placed with Graham and
Gillies and Warwick. The pro-
motion budget is around
£250.000.
• The Marketing Society annual
conference is to be held on Sep-
tember 29 at the Purcell Room-
South Bank, London. The theniL-
will be “ Key questions in mar-
keting today " and speakers in-
clude Sir Marcus Sieff, chairman
of Marks and Speocer, and Ken
Webb, chairman of Birds Eye-
• Six-month circulation figures
to June for the women’s maga-
zines group in IPC Magazines
show gains for nine of the nine-
teen titles (three of which are
not strictly comparable). Among
those showing rises are Hooey.
Homes and Gardens'. Woman.
Woman's Own and 'Woman and
Home-
1948 Manchester United
Aon 100,000 ■
1949 Wolverh a mpton
Wanderers Attn 100,000
1950 Arsenal.
Attn 1CGXW0
Me United
.00,000
1952 Newcastle United
Atta 100X00
1953 Blackpool
Attn. 100.000
195t West Bromwich
Albion Attn 100,000
1955 Newcastle United
Attn. 100,000
3955 Manchester City
Attn. 100000
19o0 Woive'rbamplon
Itandetetc AtialOOJXiO
1961 ' Tottenham HoJsjjw 1962 Tottenham Hotspur
Attn. 100.000
Attn 100.000
1958 Botton tenderers
Attn. 100.000
3959 Notti'ncham Fared
Attn.10ti.0iXJ
196* Wes! Ham llnfaiB
Atta 100.000
ISOBLoerpnol
AttaiOOiMO
ISeoEverton
Atta 100J300
1967 TrflerrtdmHdspur
Attn. >00,000
1968 West Brarnnch
Afl)iwi AttalOtWOO
Bit Leeds United
Attn. iClOOOO
t s=s»
1973SunderbmJ
Atta 100,000
1969 Manchester City
100,000
3970 Chelsea
Atta 100,000
397! Arsenal
Atta 100000
1974 Lntrpooi
Attn. 100,000
1975 Vfet Ham United
Atfr.U10.000
1976 Soot ha mpton
Attn 100.000
1977 Manchester United
Atta 100000
\^11 show you
ea
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PMXi^ aiUy/Deaite Armstrong*
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20
•The Financial Times Thursday July 21 1977
THE HNANCIA1 TIMES
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THURSDAY, JULY 2L 1977
Good while it
lasted
THE GROWTH of basic wage
! Sites has been steadily deceler-
ating;, and in June the index
l$f hourly rates was only 5.5
['rer cent, higher than a year
i before. It may be objected that
! Jbis particular index is of
; united practical value, since it
Dears only a distant and varying
| relationship to what people
'actually earn. The index of
warnings for May — it is always
i published a month behind the
athei^-is 10.3 per cent, up on
..the year. In the first 10 months
,of Phase Two it rose by 8.8 per
i 'cent, and looks likely, given
I the pattern of settlements. t6
be up by less than 10 per cent,
for the full 12 months. That
: would be rather more than was
; at one time hoped ■ but would
still represent a considerable
success for voluntary restraint
:.whlle it lasted.
>i The success is all the mure
istriking when one compares the
growth of wages with that of
prices: the index of retail prices
for June was nearly 18 per
cent, higher than a year before.
This fall in real disposable
incomes is the real success of
Phase Two. Together with the
squeezing of differentials and
the loss of flexibility In pay
structures which wage restraint
has entailed, however, it is also
one of the strongest forces
making for large pay demands
an soon as Phase Two comes to
an end.
living standards cannot, he
made good overall until the
nation's wealth has grown
sufficiently, and Mr. Healey
would probably have been wiser
to dwell on this point than to
talk about guaranteeing present
standards.
The importance of the 12-
month gap is related to this'.
At present the year-on-year rate
of inflation is at about its peak:
it is likely to fail quite sharply
between the late summer and
tiie early part of 1978, provided
that there is no sudden jump
in labour costs. If the 12-month
rule is observed and there is no
bunching, in fact, inflationary
expectations will be reduced
an dtbis will have some effect
on the climate of wage bar-
gaining. Here again, Mr. Healey
could probably have helped the
climate by dwelling more on
the implications of bis deter-
mination to stick to his mone-
tary targets.
12-month rule
That explains the emphasis
of the somewhat meagre
guidance to member unions
which is all that the TUC
Economic Committee has felt
itself in a position to issue. In
the first place, the Committee
urges members to look forwards
rather than backwards In for-
mulating their pay claims ; in
the second place — though
admitting the practical difficul-
ties — It attaches the greatest
importance to maintaining the
rule about allowing (except in
the case of genuine productivity
deals) a 12-month interval
between successive pay settle-
ments. The importance of the
first point Is that the fall in
Public sector
To help enforce the 12month
rule in the private sector, the
Chancellor proposes to penalise
offending firms through profit
margin control. This is hardly
fair, since the continuation of
price and dividend control was
to be conditional on the reach-
ing of an agreement with the
TUC. But it is less unfair than
the proposals about arbitrarily
penalising firms wbo are judged
to have given grossly excessive
pay increases, though it will in-
crease existing pressures on
industry to resist — the CBI
has pointed to the effect of low
profitability and capacity utili-
sation. and is now taking its
own measures. It is .already
clear, however (though- it would
be a mistake to listen to every
group which makes militant
noises over the next few
months) that the Government is
going to have some trouble in
the public sector. Its problem
is to reconcile the need for
some flexibility here, without
the guidance of profitability,
with the need to give the private
sector the feeling that the Gov-
ernment too. as an employer, is
ready to take a firm line.
How a monopoly can
be made to compete
THE POST OFFICE is too big,
too centralised and too cum-
bersome in its decision-making.
That is the justification for the
Carter Report's central recom-
mendation, which should be
promptly accepted by Govern-
ment — to create two separate
corporations Eor postal services
and for telecommunications.
That change needs to be accom-
panied, as the report says, by
much greater delegation of
.authority to local managers. The
need to make managers more
entrepreneurial in outlook and
more responsive to the needs
Of the market is one of the
fiain themes of -the report But
how does one create the neces-
sary pressure on management
(and on the unions) when com-
petition is absent? Can it be
generated internally or is
some new external agency
required?
Absurdities
It is clear that the pressures
have been quite inadequate in
recent years. Productivity on
the postal side has actually fal-
len, despite heavy investment
Is mechanisation. Although
labour-management relations
have been relatively harmonious
at national level, this has not
prevented such absurdities as
the refusal of the union to
allow the collection of regular
statistics on traffic flow through
sorting offices— an essential
management tool if productivity
is to be improved. It is at
the local level tbat changes in
work practices and in attitudes
are badly needed.
This is one of the reasons
why the Carter Committee is
sceptical about the proposal,
approved in principle by the
Government, to introduce a
Bullock-style structure on the
main Post Office Board. Echoing
the views of the CBI, the re-
port says that the proposal
for union representation at
Board level “is not properly
supported by the development
of true industrial democracy
at the level of the ordinary
employee — that is, involvement
in decisions made close to the
As a means of instilling com-
targets
are clearly insufficient; indeed
there is a danger that the Post
Office will charge whatever
prices are necessary to achieve
a targeted rate of return or 0 elf-
financing ratio. What is im-
portant is the minimisation of
costs and the report calls for the
development of performance and
productivity indicators such as
those used by the Bell System in
the U.S. A systematic attempt to
obtain international productivity
comparisons Is also urged.
On relations with Government
the report proposes the creation
of a Council on Post Office and
Telecommunications Affairs
which would subsume the exist-
ing Post Office Users*' National
Council but would be much
more than a voice for con-
sumers.. Its role would be to
assist the Secretary of State in
making policy and help him to
monitor efficiency, conducting
its own investigations where
necessary. Unlike the Policy
Councils recommended in last
year's NEDO report on nation-
alised industries, it would be an
advisory body, but it would be
designed to have the stature
and independence in the eyes
of the public, the Government
and the Post Office itself to
provide an effective check on
performance. It is not clear
how its work would relate to
that of the Department of
Industry and the Select Com-
mittee on nationalised indus-
tries. which will presumably
want to go on doing their own
monitoring.
Pay rates
No external agency can be a
substitute for greatly improved
management inside the Post
Office itself. That is the first
priority and the report puts too
little stress on the extreme diffi-
culty of, ., attracting top-level
executives' into the public
sector at present rates of pay.
Until that changes, it is hard
to see how the internal weak-
nesses of the Post Office to
which the Carter Report draws
attention can be' put right.
While there is certainly a need
for external monitoring arrange-
ments in a monopoly industry,
the basic drive for better per
forxnance has to come from
within.
BY JOHN LLOYD
T HE splitting of the Post
Office into a postal division
and a telecommunications
division, both entirely autono-
mous, is the most dramatic of
the Carter Committee's pro-
posals. An institution ' so
familiar (and one occasionally
suffering the contempt famili-
arity is held to breed) cannot
be severed without -some public
surprise, perhaps even regret.
Yet the split is not the most
far-reaching of the Carter
recommendations. In the first
place, the Post Office has in
effect two corporations since it
was cast loose from Government
in -3969. There is no cross-subsi-
disation between telecommuni-
cations and posts, and they
have entirely separate organisa-
tions. Secondly, even the unify-
ing element — the’ Post Office
Board— ^only holds the various
elements together because of
the authority of its chairman,
Sir William Ryland.
To recommend a split, then, is
only to ask for an efficient
rationalisation of what has al-
ready happened. Much more
important is the Carter report's 1
Insistence that the Post Office,
and specifically the post ser-
vices, should act like an organ-
isation which is keen to give a
service and, if possible, make a
profit while doing so.
The Post Office labours under
a number of problems, not all
of its own making. It was made
a Corporation under the terms
of the Post Office Act 1959,
which laid down that “it shall
be the duty of the Post Office so
to exercise its powers as to
secure that ail its revenues are
not less than sufficient to meet
all charges properly chargeable
to revenue account, taking one
year with another." The Post
Office 6hould not, in other
words, continue to be a drain
on Government funds.
But the same Act contained
another clause which, though
not apparently contradictory to
the above, -has exercised an
inhibiting effect upon what
entrepreneurial drive the Cor-
poration might have felt like
developing. Section 11(4) of the
Act reads; “ If It appears to the
Minister that the Post Office is
showing undue preference to,
or is exercising undue discrimi-
nation against, any person or
persons of any class or descrip-
tion in the charges or other
terms and conditions applicable
to services provided by it . . .
he may . . . give it such direc-
tions a 5s appear to him requisite
to secure that it ceases so-tt
do."
To follow this principle, the
Post Office operates a system of
fully allocated costs, resulting
in prices which are more or less
rigidly fixed no matter what
type of customer wishes to
make use of its services. Its
monopoly position as a carrier
of letters ensures that there is
□o competition which might
tend to drive down its prices.
Here, then, is the major prob-
lem. A monopoly supplier of a
service operates fixed (and.
few huge sorting offices, a situa- some extent, fhe-letter.
tion he advises the Post. Office . In order to work effectively
to avoid. This has meant -that < against these trends, at least in -
a growing number of enterprises the short term, . the postal ■■
are seeking alternative, private- managers must become much
carriers for their mails. ' • more like the managers of local ...
More generally, costs In: all branches of companies, com- ,
European countries are higher mitted to seek out business,
(see table), and service often with a firm grasp of casts. At .
.worse; many postal services do present, local post office mana- ■■
not deliver to the door, but re- gers are essentially concerned \
quire their customers to collect with the business of.. dealing ■„
mail from central distribution with letters and pareelsF-in
points/' With such comparisons, other words,’ with labour prob- •'
why should the Post Office be so lems- They are now being en-
berated? joined to concern themselves ---.
It is so partly because it sue- with the customers* -
SZgWTZSrgS M. »;•
because . of a distrust of its
bank which
roots- are its branches. To ^
STiSS gttZXJ£.JZStii
sA*sfcsr- s ssMsasaet •
spoken consumer protection ™U- J s ^ning ab ™* £ '■
groups; and partly because the operate a system. o f
Post Office has ensured : a marginal cost pricing. Marginal '
reasonably, high, standard .-of cost pricing entails, knowing
efficiency in most; area* of what your fixed costs are, what-.,
activity, and thus criticism your spare capacity is, and bj;
starts from a relatively high how much you can lower youi.'
base tariffs before becoming un ,
' Charles Carter Accepts the economic. It is relatively easily-
heed for the Post Office to-be- done « once you know bow.
come "a more entrepreneurial The trade unions would b«:
organisation, aggressively, going required to change .their prac -•
into the market place and crest- tices in the same way as man- •
ing business by 'offering ciit- .agement With the effectm -
price -deals to businesses right control they exercise over th<:
down -to local level But he pace of work, they would hav.: '
understands the difficulties the to be convinced of the valu<
compared to price rises else- urge the postal business not to deficit of £L5bn., a drop in Post Office will experience in to their members of taking o»-
where, steeply rising) tariffs, be inhibited by Section 11(4) traffic of around 5 per cent a attempting to follow his recom- extra work, often within th-.-
which it is apparently statu- of the Post Office Act, 1969. year, a £lbn_ mechanisation mendations. He thinks it will standard working day. Produc -.
torily enjoined to do. It thus • “The Committee should in- programme which has ■ shown take .time, and sees it as fortu- tivity bonuses are one obviou
works under a double disincen- vestigate the promotional neither higher productivity nor nate that a new top manage- means -of; encouragement
tive to look for business — it activities of the postal business, increased speed and a log of ment is coming in at the same Charles Carter’s hopes for hi
does not have to, . and it must and urge it to be more com- 1.7m. complaints in a year, time as his report is published. r fWTim irtpp .. q report arfit na t U i
not— although because its daily mitted in its approach to Though, it has a lower stamp '-However, in his view, the post ally enough, that it should b
volume of ■ mail is -uneven, it marketing inland -services. nripe than the U.K. fthe nnlv . _ . , . , u.
has, at times, massive spare • “The
capacity. Meanwhile^ bulk mail urge on
users are active in finding ways value o_
of reducing their use of the gramme for ail senior staff to federal subsidies, 'Posts are— for the first tim#— Telecommunications Affair.
m ® l “- . ra ? ke more market The case of- Australia is even under sustained attack by new wbic h y^uid straddle the to-
^ When, ra 1975, postal cnarges orientated. more of a postman’s nightmare, forms of telecomunications ser- independent corporations an-
d Thc Carter Committee was Not only does it have one of vices. Facsimile. Viewdata, View- advl £T the Secretary of State fi
( r ^ e ^ *** “SPth* ira P ressed *>y these proposals, the highest postal rates, it also phone, Telemetry. Triecoimnand i nduslry on their strategy ar__
The new coding desk system in a Post Office mechanised sorting office. The envelopes
pass in front of .an operator as he reads the addresses and types out the code.
for a Council on Post Office anj£
p„T “ d ^"WW.aostotttM. ■ L«W « hu — W. u. iMrtfc but performne. It b here whe'
Post Office to adopt economic Jts report j s strongly biased continuing labour problems— the equipment is either being the Dr hn e source of consume
pricing), the effect was to thrust towards the consumer, and to attributed by Charles Carter to developed or already , in opera- nnwGr wou
SESSllltafMlS t ^ S’** 5, « 5 °° rlu ~ ° f SSd-iShM'M
monopoly position which the
lessly scrutinised by consumer Post 0ffice enjoys> both in letter — "T — —
groups. pie Govenimgt- tarrlage and in telecontmunica- COMPARATIVE RATES FO* FIRST CLASS
appointed Post Office Users' tions _ Mr< Charles Carter
National Council (POUNC) pro- stresses privately that he sees
tested against the second of this as the main thrust, the
the two price rises, but in vain, underlying rationale, of his
It had greater success when report's recommendations: to
it called for the setting up of ensure that such a powerful
what became the Carter Com- monopoly be effectively p re-
mittee. . - . vented from sliding into sub-
The Same year, the Mail standard . service and indiffer-
Users Association (MUA) was ence towards. its consumers,
founded, supported by bulk The tendency in the Post
mail users. It quickly developed Office will be to respond
a more militant style than defensively to the explicit and
POUNC, and argued strongly implicit attacks made upon it.
from its inception for a more It can point (as does the Carter
market-oriented Post Office, one Committee Report) to the fact
more responsive to its that postal services are declin-
customer's needs. Its recom- ing everywhere, and that
mendations to the Carter Cora- Britain's are, at the very least,
mittee included: declining more slowly than
• “ The postal business should those of other countries,
be urged to adopt marginal The point is
costing techniques. lining. The U.S. postal service,
• “ The Committee should for example, faces an annual
POST LAST' NOV-
Countrjr
U.K,
Letter
rate(p>
at November
1976 "
8J5
Canada /
USA. /
63*
73*
Eire /
*0
Denmark ' j
93
Luxembourg »
9.9
Japan -
10.1
Belgium /
10J
Italy
11.9*
France
123
Germany
12.7*
Netherlands
133
Australia
13J*
one other member- of tl'
P.OUNC, and possibly other co : ; : ;
sinners’ representatives. TV
POUNC itself, would be stren' '■
thened in that it would receiK.
much earlier notice of tL-'* ■;
future plans of the Post Offic •
Although he has a reputatit-:'-
as a liberal (in the philosopb -
sense), Mr. Carter insists th
it is not doctrine which b.. : - '-
made him, and his committe . ■_ 1
suspicious of the monopo/.-
powers of the Corporation.
monopolies must be careful;.',;.,
watched " he says. '■/
If his recommendations a; : - -
acted upon, the Post Office w"- -
find itself watched from tv :
directions — from above by t
Council, and from below, .
its consumers expressing th«-'. • ‘
desires through kind of mark
this dual surveillance will bre .i.
W /*i both whose elimination would substantially increase the rates.
Source; Port Office Review Committee Report.
n
efficiency or merely frustrate; •>.
MEN AND MATTERS
Lullaby in
D-marks
After tramping the stairs of
British recording companies for
months trying, unsuccessfully,
to persuade them to invest
money In the search for new
pop talent two young pop
impressarios, David Courtney
and Tony Meehan, have finally
managed to pursuade a West
German record company that
England has masses of musical
talent just waiting to be
discovered. The German com-
pany, Ariola Records, is a sub-
sidiary of the Bertlesmann
publishing group. With all due
respect to home grown German
pop, its basic oompah-oompah
beat allied to strident or
maudlin ballad-type songs has
never really caught on as a big
export item.' British pop stars
like Elton John, Rod Stewart,
Paul McCartney and groups like
Led Zeppelin and The Who, on
the other hand, are hot proper-
ties wherever the transistor and
thc disco blare. The Beaties,
furthermore, were only the
most successful of many British
groups who cut their musical
teeth playing to enthusiastic
audiences in Hamburg dubs.
Ariola reckoned that there
must be plenty more talent
where all these groups origin-
ally came from, even though for
tax reasons most of the home
grown British stars now Jive in
less fiscally- punitive places
abroad.
Ariola and Courtney/Meeban
finally met up through the good
offices of Geoffrey Heath,
former head of ATV music who
left' 3$ years ago to set up thc
Heath -Levy music publishing
business.
After eight months of
negotiations thc two sides came
to an agreement under which
Ariola will provide £L5m.
annually for a minimum of two
and maximum of four years to
be spent on finding, auditioning
and recording new talent
Courtney himself, although
only 27 years old, is a veteran
in the business, having first
" gone on the road " at the
fender age of 13. After a spate
as drummer in the Adam Faith
group the Urchins he became
a theatrical agent, song writer
and talent scout It is a career
which has taken him into the
83 per cent tax bracket and
given him strong dews on the
way in which taxation, un-
imaginative British management
and a neglectful Government
have systematically failed to
exploit what he sees as the
huge potential of British pop.
“With this German money
behind us we are now going
into the streets and looking for
the talent wo know to be there.
What I would like to do now
is to make contact with the
British Government and per-
suade it to take this industry,
with its massive foreign earning
potential, seriously. As it is,
neglect and high taxation have
sent many top groups abroad,'
many of them to Southern
California where no less than
500.000 British ex-patriates now
live," Courtney explained.
Come back British talent— all
is forgiven. If only it were true.
BBC's radio current affairs
coverage of -financial events
after an internal wrangle and
a flood of correspondence from
City figures objecting to his
ideas.
Jay on co-ops
“It will cost £1.40 hut we
would pay you that NOT to
send it!"
Radio .Moneybox
las McIntyre, the Radio Money-
box Controller of Radio 4,
appears to be growing more
flexible in his approach to the
■network's more specialised
programmes. He has just agreed
a programme "profile* 1 which
will give Radio 4 a new,
popular-appeal Sunday morn-
ing business programme
The new programme which
comes on air an the first Sunday
in October, is aimed at a
general non-specialist interest
in business, money matters and
personal savings. It will be
called “Moneybox” — a title
McIntyre was persuaded to
accept in place of his own
choice “The Pound in Your
Pocket’— and will be hosted
by Financial World Tonight and
World in Focus veteran, Peter
Hobday.
Unlike BBC Television's
“Money Programme." “Money-
box” will be conducted largely
along magazine lines, with in-
terviews and discussions on
such subjects as bow to
manage your savings.
Unlike its more serious, up-
market parent, the Financial
World Tonight, which is now
broadcast for 15 minutes at
quarter past 11 every week-day
evening. Moneybox is scheduled
for a more generally acceptable
11 o'clock in thc 'morning,
every Sunday, and will rUn for
half an bour.
McIntyre’s acceptance of the
new programme represents a
complete about face. At thc
beginning of the year he was
bent on scrapping thc Financial
World Tonight in favour of 10
minutes of financial news along
the lines of the daily 6 p.m.
Financial Report It is under-
stood chat he changed his nrind'
about the desirability of the
What is likely to rank as the
last published work in an un-
official; that is, non -ambassa-
dorial capacity of our new man
in Washington hit the irwtray
yesterday, 24 hours before its
author, Peter Jay, was due to
leave for Washington, .
It is a 43 page treatise on
“ The Workers* Co - operative
Economy” presented on March
17 but only just published in
full by the Manchester Statis-
tical Society.
It is a work which, as Jay
himself described it on page 2
" may appear heroically futuris-
tic ” and in the view of to-day’s
politicians “ unrealistic” . .
He goes on to explain that it
is essentially a foUow-on to his
1975 Wincott Memorial Lecture,
later published under the title
A General Hypothesis of -Em-
ployment, Inflation and Politics
in which he argued that “our
present political economy
suffered a central contradiction
which portended a catastrophic
failure of thc system within a
finite number of years.’’
In the pamphlet he investi-
gates workers’ co-operatives as
a possible way of avoiding the
catastrophe with labour replac-
ing capita] as “ the entrepreneur
of the predominant productive
unit" .
That is quite some way from
the conventional economic
wisdom, in Washington as in
London. But as a. guide to the
workings of- the Jay mind this
little pamphlet could well
become required reading for thc
now Ambassador's future hosts.
- f p.,
*
The Legacy
Check List.
May we suggest some additions to the con-
siderations you generally apply to making
bequests. In the changing conditions of today,
we believe that it is wise to add the following
questions:
Docs the charity serve those in the greatest
meed, now and in the future?
Old people suffer the greatest deprivation
almost everywhere— their health, housing,
warmth and loneliness are usually at the end
of the queue. Time Is not on their side —
Help the Aged is.
Does the organisation show practical initiative
- in . changing circumstances?
Inrihe last ten years alone Help the Aged has
pioneered nationwide fiAts for needy old
people, day centres for the lonely, aid for
day hospitals, extra geriatric research,
international help and much more.
• Will the value of the bequest be greatly
reduced by inflation?
This aspect is given great attention by
Help the Aged trustees. They endeavour to
use funds for work that will give enduring
benefit, and therefore will grow in value.
Can the donor retain a personal association
-with thc work helped?
Help the Aged welcome such a link, for the
charity sees itself as a channel for the com-
passion and goodwill of its donors. A whole
scheme for the elderly in the U.K. can be
named in conjunction . with a £ 200.000
bequest; £130 inscribes a name on the
dedication plaque of a day centre: £100 names
a hospital bed in Asia or Africa.
Among the well-known people who endorse
the value of a legacy to Help the Aged are Lord
Shawcross, Lady Spencer-Churchill/and General
Sir Brian Horrocks.
Pull details and an Annual Report and
Accounts gladly sent on request to: The Hon- i
Tre^urer The Rt Hon, Lord Mayhray-King, :
FT2L ' 32 Dover Street-;
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! IS a good time to reflect
le 1977 Budget and indeed
he principles which lie
. id the Budget-making. For
" ugh the economic impact
: hat Budget remains un*
?ed, and the Chancellor’s
on conditional tax reliefs
•been called, the composi-
of the Budget has been
'?ed to an unprecedented
it; and the Finance Bill,
i gives effect to the changes
s through its closing stages
Parliament in the next few
■Jre is one reflection which
struck me forcibly as a
. t of all the many Budgets
. 'e had to study. That is
reponderance of what are
non-proposals. By this Z
measures which are
y adjustments for the
5 of inflation and which
. ot intended to change the
. ructure at alL This is a
« ofScially known by the
,'aly word. “ valorisation.”
» is far from being an
. al thought The matter
...ut very succinctly by Mr.
3 Lever in this year’s Bud-
f . ebate. “ We should be
off if we affirmed once
‘ ir all the broad structures
re Budget and then, at
. - Budget time, by some
. ted method, lifted or
.id by a percentage the
■ jf tax that we wished to
- having regard to the Bud-
dgment of that year,” he
' “We should then bo
•; to focus the talents of
?ousc upon the great
nic problems and strate-
jpon which we have to
•I
Treasury summary of the
''Judget speech contains a
. fc list " of 23 changes of
A last chance for tax honesty
17 an tar phano PC nnrf fnv n *■ iL* n — *
w b‘ c b 1 7 are. tax changes: and tax rates at the top. as well as
oil of these consist of discre- from the specific indirect taxes.
This means that without
positive action in the Budget
there is an automatic shift in
the tax burden from taxes on
spending to taxes on income.
tionary adjustments for infla
tion. The proposed increase in
petrol tax was a belated adjust-
ment to the erosion of a duty
fiixed In money terms.
EFFECT ON WAGE CLAIMS OF NON~!NDEXED TAX SYSTEM
(Wage earner with two young children)
The most publicised of the ?* erc ls ? shlft in the
adjustments to inflation is of ' n *? me on to those
course the increase in the per- ? oth /* th ? boltom Md « the
sonal allowances. The larger top 0f “ e income ran 8 e -
increases now proposed by Mr. The Finance Bill amend-
Healey in response to the ®ents, in the names of Rooker,
Rooker-Wise amendments will Wise an ^ l«awson would index
just about offset the inflation f P T "inflation-proof") the tax
of 1976— -slightly more so for threshold to the rale of inflation
married couples, slightly less so in - the P*®*^** calendar year.
Tax, National Insurance
contribution, net oF child
benefit
Net income
for single people. But failure
'to adjust for the inflation of
earlier years means that, even
after the latest and booked
“ concessions." the tax thresh-
old for a married man is still
unless the Chancellor carried in
the House a specific motion to
make smaller or larger adjust-
ments. The Finance Bill, as
amended, would go a long way
to stop the unintended dlstor-
£80 a week wage
• (avenge wage)
£2QJ
(average rate:
25.4 per cent.)
£59.7
10 per cent, gross
increase (£8)
£3.2
(marginal rate of tax,
37.75 per cent.)
£4.8
(equivalent to
8-1 per cent-
net increase)
10 per cent, net
increase
equivalent to a
72.4 per cent, gross
increase (£9.7)
£3.9
(marginal rate of tax,
39.75 per cent.)
£&0
(equivalent to
H> Per cent
net increase)
Without tax indexation, a typical wage earner has to obtain a gross increase in pay nearly a
. quarter higher than the increase in take-home pay at which he is aiming. For example, to obtain
a net gain of 10 per Cent., he must receive a gross Increase of 12.4 per cent/
at 31 per cent of average earn- el 00 * arising from inflation. They
ing« enmoared with 41 per cenL wouM come into . effect m 1978-
in 1079.73 79. If from the time of the next
* Budget, the specific duties were
Having gone through this also indexed, a large part 'of the
SmS*hlilf“ a «m«ine th ba , ve lHfen f ® Uure » make the personal themselves whether the Budget national insurance contribu-
Tf*™ n7,Mi„ n in th! *** Ultimately it would be neces- allowance Inflation-proof, and changes do more or less than tions. It is tern o tins to sav
th^lhey mlSrthlve^cc^red *,*1 t0 ta ? er thre * h ® I ,f S f ° r J 0 ** abo " t f550m - from the compensate for inflation. This that wage claims shliSd be that *“ au
IShoS? inflation ™ SSE w 8her rales as well as the failure to do so with the specific is really not good enough. much higher to make up for — -
“ exemption limits for mortgage duties. But only those who are a JL «*^,i •«**,*- 5c tax. In its simple form the *■* be
able to adiust thresholds for
over 25 per cent.). A 10 per
increase in gross pav is
worth after tax £4.8, leaving a
net increase of just over S per
eent. To obtain a set increase
of 10 per cent, he would need
a gross increase of nearly £10
or 121 per cent.
Under an indexed system,
however, the tax threshold
would rise by 10 per cent if
that were the rate of inflation,
°f more if inflation were
higher still. There would thus
be very little difference between
his gross and net pay increases,
and 10 per cent, would be worth
10 per cent comparing one year
with another. The trade union
negotiator would still have to
guess about the effects of in-
flation on the real value of a
10 per cent, increase, but at
least he would not have to
bother about offsetting an
increasing tax burden as well.
There is no magic in all this.
Indexation cannot conjure up
is all the difference in
a vague
an indexed argument is a fallacy because
system" Mr. Healey would not existing Pay !S taxed.- But comp^
be able to make the snurious even when the arithmetic is „„!? pen ' * on in oUi er forms,
claim that his fiscal measures done correctly, the gross wage Lppenyimomati^lv'^i^
:v-i- r increase under a non-index ^ ns auiomaucaiij. wifii the
indexed tax system There are ta^ reti^C^ratfon TakVcTT holoste Illy ' exe^toe^ttidS +v , A , dl i e I 0 * 0 ®? 1 attitudes is
two anti-tax avoidance pro- and VAT relief for small firms could call the jfansum the cost the . fact ,^ at TT un f er m
posals, a technical reform of and the many other thresholds of indexation or the second sum f?' ste 5 atr * . would . not
capital gains tax and a relief and limits, the discretionary the gSn from it able w I?*! s V unous
for U^. residents working adjustments of which now „st and n” nlsSSeS fa daim ”f-^ S increase under a non-index -hi™ — — r« c
abroad. The Ip reduction in the wastes so much time in the honesty as the Chan ' vere res P 0D ?^f *? T maintain- . . one-ouarter onus °f P™ 0 ? ou Chancellor
basic rate is a hybrid. On a Treasury and Revenue Depart, “ellor is Sill free to mak^ iv 5* rt 5 dBrt S 1Wl ?“ ° ver S e r SL the iJ he cannot afford to do so or
comparison with a year ago it merits. Admittedly the indexa- pro^ala k. ’SSJSL n 15 ! ^ to compensate for
represents a lightening of the tion of capital gains and invest- necessary
burden ; but over a perspective merit income is more compli- y '
of two or three. years it has been rated. But that is no excuse Unfortunately, instead
financed by the erosion of the either for refraining from rule accepting the amendments, wade and productivity. th infireaSf , on.. awraep t TT , fnrt „„ atP i v
real value of the tax starting of thumb adjustments (such as which leanover backwards to Trade unionists are very well wage earner^ Js officially hoar! ^} d lb® Sits wh“h
Points. caJcnlating capital gams after give the Treasury freedom of aware of the impact of taxation reckoned to earn about £80 per doubtless will mSfe their
Mr. Lever’s suggestion of a inflation) or for not making a manoeuvre, the Government on wage increases. The typical week. After paying tax and appearance in Treasury SDeechel
simple regulator adjustment to start on the main items on the proposes merely to lay before wage, earner faces a marginal national insurance mid receiv- again One is that indevaTi™
all taxes could be made to work. Unes already begun by the the House at Budget time tables tax rate of nearly 40' per cent ing child benefit for two young is a surrender to inflation whfle
The main, difficulties. arise from House in Committee. showing the effects of inflation on each pound of extra earn- children he will have a net it is better to fight it. In fart
the existence of tax-free allow- Thfe Treasury gams about on allowances and the specific ings— 34 per cent, in income income of nearly £60 (that is, indexation makes it no more
ances at the bottom and higher some £lbn. of revenue from the duties, leaving people to see for tax and 5.75 per cent, in his average tax rate will be just difficult to combat inflation than
considers maintained, the ultimate cause increase in take-home pay. ro compensate for
lU ^th forre? such as * because the marginal l "J lai } ort ^ r edu<nn d other taxes
. North SeT OIL SI terns of rate of tax ** higher than the °. r ."^easing the totalled
?! ° f average rate on total pay before ^
it was before Professor Miltti
Friedman would argue that ;
actually makes it easier, bat on
need not follow him thus fa!
There is nothing in intei
national data to suggest any v
lation between the exteat c
indexation and the rate of Infli
tion.
Then there is the other argv
ment that one kind of
tion leads to another, This#
just untrue, much though 2 wisj
that it were not The main thre
areas of indexation are taxes
loan transactions and wage*
Several countries have wage In
delation in its most unfortun&j
form (such as the Italian scab
mobile) without tax or loan in
deration. Other countries hav<
tax indexation without wagt
indexation.
The recent report by OECI
experts entitled Totcards Ful
Employment and Price 5tubilitj
came out very strongly h
favour of inflation — proofing o.
personal taxes — or as it put i
“arrangements to eliminat<
fiscal drag due to Inflation.'
This would ensure tha
“decisions to increase the tai
burden required positivi
actions by government and par
liamems.” For good measure
the OECD refuted decisively the
out-moded arguments that non
indexed fiscal system weri
more stable, and added that it
countries where wage earner. 1
think in net of tax terms
indexation, "could help t<
moderate wage demands and
thus reduce cost inflation.”
The Chancellor is readi
enough to quote this OECD re
port as Holy Writ even when
it is wrong. Why should noi
the House of Commons act on
it, when it is right?
n y:
***;?• -
**V- ■
Dft*t
*«'
.•jf,-.:;
m-9-
Letters to the Editor
to nuclear stations with— accord- review of my book. How long stockbroking firm of James concerned. If trustees want to
lng to its April 1977 newsletter — will South Africa survive? (July Capel and not a few financial switch from property unit trusts
great success, its employment 15)? Ms. Bloom accuses me of journalists and analysts (even they will soon learn tbe truth
prospects are not dependent on various sins in general but very some on your paper) have of this statement. Smaller funds
a new coal-fired Station. I quote tittle specifically. argued for the probability of arc far better off in investing in
from its .“Case for nuclear j am no t sure how fair a such a deal. And, by the- way, property shares direct because
power” — “Cost — • total unit hear jn e r am cett ; nB when t see surely even “conspiracy of flexibility.
-Mr. Graham (JnJy-19) energy achieved is currently * criticised for under- **““*“" about ^ Nixon-Ford The most alarming statement
lat I indicate which major about pne-balf The cost of elec* for “° aer Administration have turned out in Mr. Eric Short’s article is that
"" food price has been trlcity . -from one - ^of Ontario estimating or failing to analyse to he respectable enough — there there is not mnch point in sell-
■d since we joined 1 the Hydro’s \ modern ^ coal-burning the Carter Administration’s was a lot of conspiracy (Agnew, ing equities when the general
• . inity. He knows that in at ati°ns.” . • policies towards southern Africa. ITT, Watergate, etc.) ! price level is high since it will
d of world-wide Inflation Those .4;DW) miners 3obs are Actiiatiy, 1 did suggest that this Th» nnW nninf whVre onI y be re-invested into equities
ices and
e EEC
Gie Director,
European Movement
mm n* r:is 5‘ c:
lift? HDV
*
GENERAL
Mr. Roy Jenkins, president,
European Communities Commis-
sion, begins two-day official visit
to London and has evening meet-
ing with Prime Minister.
Mrs. Sbirley Williams. Educa-
tion Secretary, makes Hou$e . of
Commons statement on progress
made since Prime Minister's
October speech on need for more
public debate on education. Her
statement coincides with publica-
tion of discussion Green Ibiperi
setting out Government thinking
after last winter’s regional con-
ferences. ’ r
Mr. Anthony Wedgwood Benn,
Energy Secretary, chairs meeting
of unions claiming recognition In
North Sea offshore operations.
To-day’s Events
National Coal Board annual re-
port published.
Grunwick court of inquiry con-
tinues public hearings. Govern-
ment Press Centre. Little St
James’s Street, S.W.1.
Wlndscale. public inquiry con-
tinues, Whitehaven.
British Medical Association con-
ference continues. Glasgow-
PARLIAMENTARY BUSINESS
House of Commons: Finance
Bib. continuation of report stage.
House of Lords: British Linen
Bank Order Confirmation Bill, re-
maining stages. Criminal Law
Bill, consideration of Commons
amendments. Post Office Bill and
Northern Ireland Emergency Pro-
visions (Amendment) Bill, re<
maining stages. Debate on Ber<
muda civil aviation agreement.
OFFICIAL STATISTICS
Consumers' expenditure (2nd
quarter, 1st preliminary estimate).
Financial accounts of industrial
and commercial companies and
personal sectors; and net
acquisition of financial assets,
analysis by sector (1st quarter^
COMPANY RESULTS
Redland (full year). Dowty
Group (full year). Uaigate (full
year). Associated Fisheries-
( interim figures only).
COMPANY MEETINGS
See page 23.
.'.August 1976,
— dex as a
per cent
by the Cowuuu ngu- w a m*
. Policy, which include we * L
r-i d dairy products, went
9 per cent on average.
. 9 per cent only a small
‘ was due to Increases
the operation of the
Politics in
Africa
wwedueto From Mr. R. Johnson.
.vuuuuua uimciJdl UUUL i-wuii. * a±u {o TT\nro imnnrtim tSm I
as April 1977. The one criticism at a journalist on a financial ^fection. He fin£
I never expected was that the paper arguing like this;.*. There lolutimi that a. safariel Sw
book was Insufficiently contem- weren t * a million overseas contributors can afford to pay
porary! Portuguese in Africa m 1963. C0 DUl0rs 0811 aaorQ 10 pay
more.
I.f-e M dlKlKlionl Witt
l ftMtfSn,. tan. At V&S£S£%£*&JS£;
- nanufacturlng’and distri- ' 'sir av" ud a few boolc“- , hiere Va“lot“of Ttilt argument) decolonisatidn quite ing actuaries over a long period
-22f JSSiS^MSASR * «. T&terUZn* “ "SLffi •tiSTti *? "SS
own Government of con- pomts
subsidies. In the same
than in 1963 when the* number Pension fund managers and
was far less, Portuguese in Iran- trustees know so little about in-
oroducts not covered by • T?,» on | c : n fLa T aVimir Parfv • ■ • si&ence and amour propre were ad mi nistratiQO that
P, which includes fruit; . H/YCUIS ill IJQc X/aDOUl X dllj surely fairly constant factors— Prepared to accept any
-es, tea and coffee, went _ _ . ' ... „ _ it was nreriselv intran^i- advice which tends to put them
rice by no less than 26 from Dr. Stephen Haseler. . the Leader of the Party— David gence of p the^Caetano regime in ^ clear 25 far as ^eir
t. Since then the EEC Sir, — David Watt's article Watt's moderate who is in the African wars which responsibilities as trustee
to increase. agricul^S (“Mrs. Thatcher risks showing “pW» broSgrt atot? S dSS Jf in concerned,
mtrolled by the CAP by .bet flours "> of JnJ? “> } Britisb^ene ti^ o7esenre ii a 197 ^ But the reason why this In my opinion rates of return
::ent or about one-third penetrating demooati? GorerSi^Mt in a intransigence was intolerable supplied by actuaries are a waste
Courtney’s calculations peribd— a failure not unrelated £pbt against Soares s Socialists? b ^?^
I) aim to show that our t0 serious flaw s within tbe *e- ^ W ’
srt.? .&SS MTedS CoUe ^
ity has not been as 2*52^- lished' “fraternal relations”
ri A 1 Pf fdld 1 ^ ^“manrSSem SSn
l Jj0 to me to comment upon the ComffluniSpsj^esigil^.re^er-
[deny.
ristrich,
i House, . _
ehall Place S.WJ.
amission
Pensions and
benefits
observations
sight
There are plenty of good in-
vestment managers, but they
need to be kept on their toes
and this can only be achieved
by educating trustees so that
they are able to discuss invest-
ment strategy on equal terms
with their investment managers.
My plea to all those respon-l
sible for investment administra-
did was to Show that , . Minmmr UDOn the UUiumuu»L|;aiu« »muu are ea-
the Community are «de of Ws trwSe but eluded from the SdHalist Inter-
than ^to the rest of do SseteuKSS'lS’ ■®«lonal of which tbe Labour
l^polnt Mr. Courtney JSSSSJ 'JSN3*
“Tbe Labour Party is on the H .bethat a former chainnan of
high road to Communism " Mr. From Mr. D. Parry.
Watt argues the familiar thesis- Bidwell, can issue ^declaration sir— -Th*. artipi*. hv Mr Frip tion ^ ( a ) forget about long-
that it is “over-simplified” to *at amounts to a call for the “f .“ r m f" term investment poUcy. Long-
suggest that Labour of late has affiliation _ of ihe Communist Short of July 6 certainly merits term investment is a series of
moved significantly towards *° the Labour Pa rty w ife- comment A great deal of what short-term investments; (b)
totalitarianism. He also states out , any public dissent fr om the he .wrote is so obvious that one remember that no profit or loss
that “it is really absurd’-? to hi 5 b c ^_ c . 0 t u 5ff3f^ '3ta£K«SSSti « would expect most trustees to »s made until a sale is actually
believe that the Labour Party be well aware of the various C k!SJt C tif* ^ ^
POU.B which h e raised. I. could
compared with the advantages of
oversimplified *
D. Bryant.
r f* ?L\ Ca “PbeH. N«cth-
i_ --rr — . jjjn Callaghan does not control °r ■■oversimplified" to come tp siders. that trustees need much a good buy or a good sell; and
■ s t0 the Labour Party .as be does the pe tentative (yes. lers s«y - ten- more education if they are to (d) forget about static portfolios:
. Government. Tbe I^bow Party ^tive to. :lee^ it' respectable) honour their responsibilities instead watch the market daily,
-AtSS Bank for . the continues to flout his -wishes end conclusioir that these events u interpret trends and take appro-
,° ey trans fer Rome- ^ humiliate him in public. ■ . might lead- a reasonable man to . 4 _ priate investment action.
We recently received David Watt should consider suppose that the Labour Party The article states that the d. J. B Parry.
America in the significance of- the following is not yholly democratic? How pension fund manager has to snower Hill House,
of 36.40. which was ex- h a f n » tm itiamisses the can one exolain all these develop- take a very, long-term view and Betchioorth. Surrey.
* investments are 1 not .
! than passing interest '
A good definition of
‘long-term investments" is that
rate of about 22
.iht-
inal Seed Producers.
vote Street.
Edmunds, Suffolk.
ts of coal
i Belvoir
* M. 'Watchom.
e- objective of
Longman and the
pay guidelines
pfif against the express wishes of its *sct..is . test au. -t — — . . -
leader 1 appoioSas its National developments are extremely sig- they are short-term failures.
Youth Officer an avowed Trot- niflcfnt- and point to a trend I consider that the average pen-
Wh« is bneTo ^tMn the Labour Party, that sion fund manager knows little
of a National Executive cannot he ignored, or wished abqut investment administration.
Committee which invites to 3wa * Of course it causes diffl- neither is he capable of taking. a From the Chief Executive,
Britain S its own spedal guert cutties and anguish to some long-term view.. H e leaves this Longman Group.
BoS’^ vSSSSLSnJS 1 ^ People for these points to be to his f actuary who again is not slri _ Yo ur back page i
ft- v-Jmlin «tnnnriw 0 for raised. If means that orobleras a professional as far as invest- /T . , P fcl
have to be confronted. Issues ment is concerned. fJul J reporting a pay
p^ Sfmmuuia pSnS? mat taewrf and reality u trustees consider that pen- between Longman and the
£ one to make of the' decision- recopised. As many of mjx. sion fund investment should Association .of Scientific, Tecb-
of the General Cobnctt of tbe op,nion * !mpl y be long-term, 1 cannot meal and Managerial staffs
TUC (the men who through their S sureriring that why lndiTidual ,n * “ w bich could mean rises of up
M—iw years it. nor • surnnsmg mat vestment -mananers are neces- on a h - nn „.»ir
■ c- uujecuve. ui the * — : 1 — ■' — r — years if nor sumris
jposed mining of the Mode votK control the Labour ^ nrinue t0 do
, .- r Ivpir (July 19) appears PsjfF Conference) , to ^ mp ^. e eleeantlv— even ‘
.t . -ontinuance ofjobs for Britain Alacandr Shelepin me ^mrion worsens. •' fire^enV'trust" orun it* tnisT? Particularly to those who only
> 0 miners. The coal former h<^ of the KGB. How At what poyn ^ ls David Watt At least aB f invest- read the headline The fact is
■ . ,i produce would then cmu be that a- fading Cabinet enlne to rRCoen i^ the problem? „ MncmSdTSS ttnS* that no enn
• . f used so the next step minister m a swatted moder- .wedeyood-Benn- 25, to k“ep with T J. agreement has been con-
••■Wired power station ate” Government can op ®“£ i» leader and gw .Toan Maynard JESuSeT All-Share tedex^ ^ Wh v between Longman and
2 Central Electricity declare without being chairman of the party and enSgfl ^investtnent ^ managers ASTMS pay increases in
; Board says is not that Marxism Is « T vbonr : becotne? an overly who besidw Sarging hwtS escess eit ber of Phase 2 or of
stream of tiiought within 3 party party, declared such by mat® a ^ 2 * ^eaimit of their the recent oav guidelines
■ .. ?,B states that its pro- that most Labour voters believe jt . , eadflrs? No i snnoosp not of^rrfcereJe’ mv nit announre^V, P tX'
. sts of electricity are to be social-democtatic- Why do nrhen -nil this hapnenq David ;» t trustee* administer thp^nen- NnJ ^ the Chancellor.
, ,-lear fuel than by coal leading figures in the_ LaW Watt wln nrobably mm* to us JSnfJSS ISmnmb N cement yet been
ity will cost more than Party and Government regularly thflt Marxism j.c a great human!- s i mD i v invest In the FT All- 0x1 date of implemen-
- So. unit emits in in- associate themselves with tar , flT , -stream nf. ihomsht.” Share lndex’ ProtS^ mv^ ;?i 10n tiius there is no ques-
■ * erally will be unneces- totalitarian oraaiusations ^d - N^o wa* never that imnortant j s rea ji v -f or t Vg m uch of “F agreement by LOng-
’ b. This will reduce newspaper < on| y2 ie °? e ^ we f c ' to us anvwav. evervthine ts fin Jrf” r Md a nrataiSmal m ® n to depart from the 12-month
‘.eness - and sales - our Deputy Leadm-. and Dguy mmnlieated, and; on and KdedtodMl wifttt,^ mie -
• duce unemployment Prune MinistM* was reported ^ , _ T. J. Rix
dl manufacturing In- have celebrated public subsidy _ _ nh en Haseler For the smaller funds I con- “■
- by way of Government advertis- 5tepne “ ' aider. 'that property unit- tresis Lonjpnuu Group, ...
inr -In o foi. The Morn ins -Star)' with-. 4. Canton Motuk)
so — ever
to 30 per cent” for 700 staff I
the Sives a misleading impression.
l ^ard to Parsons, us its fn a for.The Mornlog Star) v^th- 4. Carlton Mansions. . are fraught/ wth : " danger. Longman House]
‘ ■oerators are supplied out so much as a rebuke from' Holland Park Gardens, W.14. especially as far as valuation is Buna Mill, Harlow, Essex.
WHERE IN THE WORLD
WILLYOUFIND
STANDARD CHARTERED?
In Nigeria you’ll see us a lot. Standard Bank. Nigeria is one of
the big three domestic banks sath 93 branches right across the country.
Our long-standing co&mercial involvement in Nigeria means that we
can help solve local business problems, including the geographical ones.
When Standard Chartered offers such coverage in depth and local
know-how, -why go to anyqntffelse? Our direct branch-to-branch links to
60 countries across the world Sit out the delays and the extra expense of
intermediate banks. If you donjfc believe it, ring Keith Skinner nowon 01-623 7500
anddiscussit s
Standard Chartered ^
Bank Limited
;hoiit the world
Head Office 10 Clements Lan^bhdon EC4N 7AB AaSeis exceed £6,680 millioa
COMPANY NEWS
DIVIDENDS ANNOUNCED
Less satisfactory start for Courtaulds
/■HADING conditions at Conrtawids
h the first quarter of its financial
*ear to end June, 1977 have been
1 generally less satisfactory ” than
HIGHLIGHTS
I-) fi the second half of last year
: ‘'i;; f nd short-time working has been
f : ntroduced or extended In a
• 'umber of the company’s opera-
■ Hons, ■ Sir Arthur Knight,
- ihairman. told the AGM yesterday.
A disappointed stock market
j ■ esponded to the news with a 10p
irop in the shares to 11 6p.
- Exports in the three months
i -vere 20 per cent ■ higher than
I n the corresponding period of last
I /ear but the volume of exports
; |o many areas was lower.
. I Sir .Arthur nevertheless
1 >xpected to report better trading
i esults for the first half, perhaps
i ip by as much as 30 per cent.,
jbut even the modest tmprove-
; tent in the market situation from
: Vhich we benefited in the second
1 pa If or last year has not been
• Maintained.’'
• ! Last year Courtaulds increased
British Sugar Corporation is raising £18m. by way of .a
rights issue on the basis of one-for-two at 375p, but the
Government is not taking up its entitlement The final divi-
dend at Fairey has been passed and the profits are sub-
stantially below forecast .Union Discount on the other hand
claims to have had the most profitable six months in the
history of the company due to capital profits ' in the gilt
edged market Lex also comments on the remarks made at
the Courtaulds AGM: given that the improvement seen in the
latter months of last year jhad. not been continued this year.
S. W. Wood has made substantial losses dealing on the futures
market and despite profits from the sale of investments an
overall loss has been sustained. LRC has benefited from the
integration of Sanitas, and further progress is on the cards
this year.
UJC. companies - to.-
other than James Nelli’s
Date
Cone-
Total
Total'
-
Current
• • of Spending
for
last
•payment
payment
div. -
year
year .
Debenture Cpn.
.fnt.
I
Aug.31
0B5
—
2.75
Falrey
nil
2^1
12 ,
3.41
Harnpson ' Industries
0.4S :
—
0.38
0.75
0.63
Heron Motor Group
■ >A.i
1.63 .-
—
1.48
3.18
289.
Harold Ingram
1J2 '
. ‘ —
120
2B1
2.56
LRC International ..
2.1S
Oct. I
2.04
8.43
3-09
Rotaflex (Gt. Britain]
int
0A7
• Oct. 12
0.42
— •
0B7 •'
F out! edge & Kegan
2.67
Oct. 4
2.S
3.67
3^ '
Robert R- Stockfis .
.inL
2-73
SepL 9
2.5
.
6B5 :
Trustees ’ Cpn
2.7
SepL 16
22
4.0
3.4
Union Discount
.lnt
S.5
Sept.-l
7
. —
1888
Vita-Tcx
2.0
Oct. 3
1^
32
2.7 '
S. W. Wood Group ..
22 -
Sept 13
185
381
3-46
^Financial Ti mes Thursday July 21 1977
I ISSUE NEWS
■ilfld
British Sugar to
raise f 18 m.
(OH
fftf
-liaH
to
- cs e
THS'iwkcI, c a ear Corporation up have been sold at a net pre-'
^J5^ h C0 S ^jse around inJuni of appronmately ■ 20-8p,-
bv way of a one- which will be distributed. to 4B-
ti*U12,000, net. ay way w « holders. Individual amounts.
the nrevious half-vear tw 0 e Dividends shown pence per share net except where otherwise stated, ordinary £1 shares at j ? Htrnte d ‘hut wiH be retained for*
npvprthpJpl^f ’Equivalent- after allowing for scrip issue. tOn capital share. .The shares closed yest^r- Mbiae^but wTH be retained for.
than^n toe comparabte pJ§d " incmsed by and/or acquisition issues. . - ^470?^ to show a fafi of 10P benefit of the company. _ . ... -
£ia ■ ■ * i «— u to- wSSSS/SaSS
.□creased their saJes to: atom,, f I dm mPlH I Hons, a' tot mbstanflal ^ Bri&h Sugar’s
ta tbe first halt oj l«77_ a „ 3.1. ‘till. lllCLdl „ rmn : Qn ^ from the- 1
in tbe first half of I97i— an owX lllVLul
increase of 1529 per cent over _ « t .
the previous six months and 31.60 1 Ann UlrC
per cent over the first half of lUfibJ IN IN
1976. •.
s. W. Wood
sales to the same degtee as the ^ • -
CT.K. companies due tai-g*lyj 0 the OPERATING PROFIT of non-
sluggish market conditions parti- ferrous metal merchants, pro-
cularly in Brazil and South; Africa, cessors and smelters. S.W. Wood
eiuff oil
plans further
rights
the y ear-end.
duff Oil, the -unlisted UJC.
; : L.3SI year Lounauios nu.-ic«w — per cent, in trie wjcv — rrora vaiue oi loose. at inis utne lasi ■ u_ir fi, idw > “ r__„ f nnVAF j Hyaline an
I*. lore- tax profits from £46.3n>. to less-developed countries but he year. In the hope of stimulating wtoJukj b ? 0 ha i£ esmA^a^KE b £ th* nietal eschanee there^s°a
'i nsO.Sm., mostly in the second half. was encouraged by the stance these still further, the company nnt strwL ^ 10Ugh m»n round From a 1*59 901 surplus
|i fmt Sir Arthur said that “there adopted by the U.K. Government will shortly be. opening an office “"I* the m TflS 7«d!fidf at’ toe
'!*■ nothing in these results to in the ^negotiations so far. By in West Germany where the SJ^ncy convereion E lev? | . P
1 Lustify the euphoria which their way 0 f comparison bir Arthur directors have good expectations ItIyL cy c er5Ion « is le * , hJh when reporting n to-
ri Announcement appeared to c j ted penetration levels of only 8 for future business. stated. * down from £225 000 P to
. Cnduce in some quarters. per ce m. in Japan and the U.S. Mr. Ingram cautions share- . fissnoo the directors said that
[.! • “ A nmnor nprqnf»r*t 1VP will Aroruino that there Wa&rin'mn- holders. KflW'GVfer. a era in St PynGGt- A • * -r «!>_ tk—
proportion arises from “ t propose to take 11.14115 IIUUICI
decision to provide m the apTH? entitlement of new shares. • i <
accounts fbr losses sustained on ^ instead in- rUIlltS
tbe maturity of contracts after “ e "g, iLs subscription ■**&“*» . .
the year-end. . ' However, the rights Guff Oil, the -unlisted UJC
.- announcement is accompanied by exploration company with an
- _ am -impressive profits forecast, interest in the Buchan Field, in
nildhAl/ of turnover in excess of the North 'Sea; is planning to
vJIlLIUUK dL fSOttu profits before tax for the make another rights issue to-
: ■ . ■ .-'-diiTfent ; .year to September, 2s, ■ shareholders, -
■ JSTZ'are expected to reach anmnd hi addition, approval has been
ft ,f| CFjl r ' - £2ftm, against £l4.3m. previously, granted under the provisions of
■ L ' U 8 W1 : Tfe Board has declared an rule 163 (3) of the Stock Exchange.
a -■-■ interim dividend of 7.86p per for transactions to take place In
J\ llan share gross (7.146p) payable on Cluff Oil shares Without the need.
ixIlV'lx scpteniber 1. 1977 to bidders to seek prior permission from, the
OutlGok at
Allen
jl announcement appeared to c i ted penetration levels of only 8 for future business.
. Cnduce in some quarters. pe r cent, in Japan and the U.S. 'Mr. Ingram cautions share-
Ej r “A proper perspective will Arguing that there was no con- holders, however, against expect-
i 1 {how," said Sir Arthur, “that any sistency between Courtauld’s ing exports in the short-term to
i ■ pomplacency or excessive expecta- emphasis on export expansion and make-up the shortfall in' UJC
Ijtrions would be misplaced." demands for import restraint. Sir sales and profits during the
•• ^rawing attention to the need to Arthur said: “The recognition current trading year. The U.K.
' . Lnake provision for extra 'deprecia- that the U.K. textile case needs market is the basis of the
! fion of £45m.. and £45m. for the special treatment must become an company’s business and a return
1 Replacement of stocks to take article of national industrial to healthy trading conditions at
1 account of inflation. Sir Arthur policy." home is essential to the resump-
;• commented: “We have a long See Lex tion of profits growth,
tn on hnfnrp we can
!way to go before we can feel
home is essential to the resump-
tion of profits growth.
Rotaflex J
peak £0.7in.
at midwaiy
n- turnrouna rrom a - , c iqw onH rniin.;]
- ^S£'.o 0 ^mreI»d* 1 S.o “rer Quff reired aroanc .
“ At halfway, when reporting pro- remedial' action taken during the hplders ° f This share 1
Rij down from £225,000 to year ha s stopped the drain on be eaStied. of 20-9-79P gross. T ^nis issue at £24 a share but thi
£138.000, the directors said that group profitsl^and management a total of
since the turp of the year there accounts show encouraging trends *° r the year and SJSS
had been an appreciable increase f or those subsidiaries which pre- ^ SI? tin's*. ***
in consumer interest, and pro- viously had been making losses, « about, 101 per cent. the shM«.at over S4. .
vided this was. sustained they M vs Mr. J. D. Oakley, the group is currently in _tbe About 40 per cent .of the sh®*;...
looked forward to a recovery In chairman.
oeuise of a five-year re-equipment are held by Guff and Compan;
the gro up’s fortunes. - " GroXpre-tax profit for the Sa ^aSrion programme and (Holdings) and its entitlement t’
The loss per 20p share* is, stated year to April 2, 1977,. _fell from that by 19S0^ tot ^ toe EgT sbam to te .Mi
Chat we are earning an adequate
profit on the assets employed in -jrx X £48,589 has been added to revenue for Rotaflex (Great ? Britain) r^ resDecr- of hi
• fth** business." |-f I nO’T’iJ 111 reserves and stock valuations for. expanded to a record £590,1 OQ for i ne 0 f *793328
k The chairman explained that Hi JLIlClJl 4*111 the change in basis of valuation the six months to June^-Sfl,’ J977. ren,---
! She cash shortfall of £fl5m. last of stocks at May 1. 1976 to include compared with £514,600. - oT nunled inves
; pear, which resulted from ^ _J |_ overheads related, to production Mr. Miriiael Frye, the diajrinar. „ q £420 694 I
:* [financing fixed and working f J|1 |1-|B A 1 1 in accordance with statement says toaf results in the Second increased fron
. fcapital investment of £18K5m. ^vLUllW 11(411. of SAp 9 ha JJ f arc difficu]t t0 iovi!Casi in lron
; Nras entirely due to inflation. - 1 The final dividend is 1.52p net, view of toe uncertain 1 Apolitical jf r a_ n. Bt
. f - After heavy investment in plant ■! Q I/" making a total of gglp (2.56p>. and economic situation-s^a the SJ1 y S ’ the resul
ibnd new equipment in recent 9vlJU ^IvJ^ As in previous years. Mr. and Mrs. u.K. and throughout the Euro- ccimpany’s abili
1 (years. Sir Arthur said that Harold Ingram are waiving their pean Community. Howqyer, he satisfactory trad
-- ‘Courtaulds now had to open up DESIGNERS, manufacturers and dividend entitlement of £33,15S on expects a continued improvement t h e realisation 0
. markets for the enlarged marketers of knitted garments, their holdings of Ordinary shares, in the group’s position unless a j n Concentric
i capacities. In t a -day’s conditions, Harold Ingram announces pre-tax Total sales rose to £8.04m. further economic deterioration liquidity at a tir
I, ^he group did not feel able to profits down from £448.399 to f£B.5in.) of which exports occurs. \ rates were at ne
:. Jcornmit further large sums to new £415,669, for the year to April 30. accounted for £1.17ro. iMm.), The net interim dividend is
, fixed investment and the level of 1977. After tax of £249,520 (£258.147) o.4723p (0.4229p). and earnings
capital spending was being At toe interim stagey when the net figure comes out at are stated as 3.65p (2.76p) per Turnover ......
reduced. . profits were up from £243,072 to £166.149 against £190.252. Depre- lop share. -Last 'year's ^otaT-^divi- operating profit ......
1 ■ In a general review of the group £303.392, trading conditions were ciation took £156,443 (£142.197). dend was 0.8669 p paid -from Dealing ios*t
Sir Arthur stressed the perfor- such that Mr. Harold Ingram, record profits of £1.14m.
The loss per 20p share* is stated year to April 2, 1977, fell from elates that by m m xo^
as 2.6p (earnings 4.7p). A final £3^2m. to £0.59m., with second aanual-capacity will have been be paceii. O f ^ the ^ a in ini .
dividend of 2^fl916p net makes half trading being drastically A- one-thjrd to lJSim^oimes ^ p =“ 1161 1
a total for the year , of 3 -8066Gp affected by indusn^I action (as oT;.^ugar. About £45m js by injituuonaT mvrators.
I3.4606D). Mr. S. W. Wood has r»nnri»<i nn Jun» any. expected to be spent by the end CJufF Oli has a 0.5_ per ten* .
H. Ingram
second-half
setback
Yearly earnings per lOp share ON EXTERNAL sales M, from ? 3 .46Mp) Mr S. W. Wood has retried on Jime™. mected to be spent by the end CJuff OU has a 0.5 per cem
are _o.3p f6.1p). An adjustment of £5.93m. to £8.0om. pre-?!* profit w3 j V ed his divMend entitlement „ “ .. . ' . . . orfte current year and the total royalty interest nf the. Bucha
£48,589 has been added to revenue for Rotaflex (Great v Britain) in respect of his personal hold- Mt.. Oakley says tnat tne cop* ..costr^ 1 of the programme is licence area and in addition ha
reserves and stock valuations for. expanded to a record £59GJ(W for 0 { 3 ogs 32s shares. tribution from overseas sub- estimated at around XlsOm. On a 5.7 per cent, holding in CC
the change in basis of valuation the six months to J977. ic *' vurnlus on dicnosal sldiarles was encoura&ng, despite topr'of this the group’s growing Associates which In turn has a
of stocks at May 1. 1976 to include compared with £514,600. -, * nf nf/nted invMtenents le^tai difficult economic conditions both share . recent EEC stock effective 10 per cent, interest 1
overheads related, to production Mr. Michael Frye, the chairman. _r q ri, liiTfoi VGS /^t\\ ’ in Australia and Canada. Wrth reeulations. and general inflation Buchan.
overheads related, to production Mr. Michael Frye, the chairman, “r £420 694 (inm Turnover te Australia and Cpada. yvrth regulations, and general inflation Buchan.
in accordance with statement says tliar results in the Second inrrM «ipd' from £14 07m. to the completion of_ the new arajmshlng up working capital BP,, under a recent farming 01
of SAP 9. half are difficult to forecast in Ui 98m warehouse outside Sydney, the retfffirements. The net proceeds agreement, are operators of to'
The final dividend is 1.52p net view of toe uncertain 1 joliticaJ mV A. N Bolsom. chairman. Australian company will be of toe . issue will be used to field and art drilling on bloc
making a total of 2Jllp (2.55 pi. and economic situation-a^a the tho results confirm the further strengthened, he says., meet-.' hoth the additional work- 21/6. Production would be ujf.
■ ■ vx liirr hi;
Mr. Oakley says that the con*.cost<‘ of
Total sales rose to £8.04m. further economic deterioration liquidity at a time when Interest $ at f ° Uo y in ? 7^ rg !?i sal l on 1 . m
(£6.5m) of which exports occurs. . . . Seswere at n™ax record iS ^ew Zealand ^ lort ground has
UC1IU wrn U -* JUUU K . -r
record profits of £1.14m. T-x ,. redn
Mr. Frye says that the 'advant- surplus dlspoiai iav..„
ages of pursuing a poHcy of -ProfiL ♦ Qiarse.
world-wide trading are especially deaiinsa.
» hit*rwt that following Teorganisation in ft’he offer which is open to
■ recnwi Uwfe New Zealand lost ground has hoWfere ■ registered on July 13,
recona leveis. been recovered and a promising 1377 l has been underwriter! by
l*sv-rt i'J 5 - 7 ® start has been, made towards J.^Seniy Schroder Wagg v»d Co-
« jftjn it#7v 650 greater penetration of this atin'i^rokers are Rowe and Pit-
liuu.BM 43s!90i market nj^u.Hurst -Brown. , .
too.sH — In the U.S^ the group's invest- p&Hngs are expected to start
substantially
apparent • in periods ’ of^low
economic activity when s^ftracks
in one country are' offst^ by
improvements in performance
elsewhere. This' has been reflected
in a slowing up in the second
improved quarter in certain subsidiaries.
rnance oF exports. Last year chairman, felt able to make an Mr. Frye says that the ac
exports of textile products optimistic forecast. TsimPQ l\Plll a 3 es of pursuing a poQc
accounted for 80 per cent, of the He now says that things did not J a,Iltl3 1 lt|U world-wide trading are esp«
total and increased in value by turn out as expected and he 1 . • apparent • in periods oi^
60 per cent. Sales to the EEC considers- the results for the year S3 1 PS nS0 economic activity when sel
increased by 80 per cent, half the disappointing. in one country are' offsg
total increase. Half way through toe third + improvements in perforxi
1 An immediate problem facing quarter of the year there was a 31 II 3 IX W aV elsewhere. This' has been refl
i toe group was excess fibre sudden, sharp drop in sales in the u in a slowing up in the s
1 capacity in Europe which Sir U.K. nutlets the company supplies. The substantially improved quarter in certain subsidl
Arthur said could only be dealt and this had an inevitable efTect sales figures of the U.K. com- particularly Jumo, but over*
■ with through the effective involve- on their re-ordering. This trend panies for the first Four months group's external sales were •
ment and co-operation of the accelerated in the final quarter of the current year to which Mr. 35 per cent, up on the firsl
governments concerned. In addi- and as a result the company did J. Hugh Neill, toe chairman of of 1970. mainly as a resu
tion. the chairman drew attention not reach its budgeted sales James Neill Holdings, referred at higher exports. The propfl
to the high level of textile and forecast. the AGM on June 2. are quanli- 0 r overseas turnover increas
clothing imports in all forms— in The explanation for these fied in the sales figures for the approximately 70 per cent
; the first quarter of 1977 imports circumstances appears to be in first-half to June 30. 1977.
of fibres, fabrics and made-up the squeeze on disposable incomes Home sales at £1045ra. show an - -
goods accounted for 69 per cent, plus the weather conditions which increase of 21.69 per cent, over TwinlflPk |nC<
, of goods entering manufacturing on its own severely .‘affected the those of the previous half and. -A D
' and distribution for the domestic sale of summer merchandise. 37.88 per cent, over the com par- ' * • i___
market Exports on the 'other hand able period to' June 30, IS76— CIlL Dy 11 Ul 111,1
Sir Arthur said that the Multi present a brighter picture and this at a time when general \ J f , . N
1 Fibre Agreement had been give grounds for more optimism, activity in the U.K. handtoni and in CPPHTin n5ll
uftlS ment In Heathcote American Inc. n& pald, on Monday. August 8.
_ ip machine knives will be re-
meuf organised during toe next 12
months. Mr. Oakley says, and in
Sec Lex
Small rise
at Trustees
Corporation
NET REVENUE for the year ;
ilow However, the company encoun- special steels a marketing com- fit! f FTT RFStJTT i Iay 3 hJ 37 L Corpor
■cks tered a scarcity of material which pany is to be formed in the U.S. _ * A ' -
1 by was likely to result in it being to' increase exports when Import - -GiBett Brothers Discount Com- with £1,136,313, -after all chargr
*nce unable to meet contractual regulations permit pany announces that acceptances Including tax .of £743^*
feted obligations to customers. The Of the overseas subsidiaries, • have ;been received in respect of (£673.068). Gro^ mcome Increas*
*ond directors therefore took positions Australasia contributed £731,000, some -95.66 per cenL of the by^£0.28ra. to £2 -97m.
ries. nn the Metal Exchange as a pro- Canada £2,000 and others £91,000/682,822 new Ordinary shares Eaniings per &p share a
ilhe tcction against such eventuality to profit. ' . offered by way of rights. stated as 4^28 p (3.73p). Tne dr-
ome with disastrous results. The' Meeting, Great Eastern HoteL r’lft -accordance with arrange- dend for the year is raised fro
Inlf chairman points out that of the E.C., August 11 at noon. gieitls the 2fl,50fi shares not taken 3.4p to 4p net, with a final of 2 .<
Fofl — : : — 1 ' “ — —
: r
'■ ■
Twinlock loss"
cut by upturn
in second half
■j--' ^
CHAMBERLAIN
PHIPPS
Manufacturers and distributors of components •
and materials for use in the footwear, automotive,
clothing, packaging and wallpaper industries
Turnover up 30% to £45,889,000
Exports up 81% to £7,240,000
Profit before tax £2,102,000
Profit after tax £1,454,
Earnings per share up from 0.91p to 5.96p
Dividend per share increased to 1.915p
^Trading since 1 April 1977 has been satisfactory,
and at present I take an optimistieviewof the current year 7
W. R. F. CHAMBERLAIN, Chairman
The annuaf report for the year to 31 March 1377
may be obtained from the Secretary
CHAMBERLAIN PHIPPS LIMITED
Higham Fenwfc Northamptonshire
The annual ffeti#*/ mealing will ba held on 12 August
Annual Results to 31st March 1977
1977 1976
Net Profit £2.02m £1.02m
Turnover £106.3m f 82.9m
Earnings per share S.5p 3.4p
Copies of the report and accounts
10 31 cr March 1977 wiH be
'S available on 10th August from
*^a MWjjpHeron House, 18 Maiylebone Hoad.
London NW1 5JL
Heron Motor Group Ltd
Recovery from 'a 'pre-tax loss of
£517.000 to 9 profit of £177.000 ID
tlie second half by Twinlock re-
duced the fulltime' Inss for the
year to February 28. 1977. to
£157,000 against £698.000. Sales
were up £2.R2m. at £22.54m.
. The first three months of the
current year show that profitable .
trading is continuing, particu-
larly in the companies main acti-
vities. with management accounts
showing a small profit in the first
quarter. Mr. A. K. L. Stephenson,
the chairman, tells members.
The loss per lOp share was
0. 15p (2.73p) be tore extraordinary .
debits of £391.000 (£202.000) or
2.43p <4.15p) after these Hems.
There is no dividend. For 3975-76 -
ihere wus only a net interim of -
i).20p. i
At year end short term finance t r
was down £l.66m. (up £2.32m.).
As known 7.12m. shares were ^
issued to the National Enterprise <
Board during the year in 3
strengthen the rompany's capital v
base and liquidity. At July ] the ^
NEB held 33.3 per ccm. is.
The auditors. Tnuclic Ross and ■£
Cn.. note that they were unable Hi
tn nblain adequate intormaiiun
relating io the group’s associated,
company W v h van Dorp and Cn.
Accordingly they are unable to
express an opinion nn the share
of this company's profit, shown
in the accounts at £143.000. and
on the group’s £052.000 investment
in it. It is understood that the
qualification relates to a lack of
information as a result of a change
of auditors of the associaic.
The chairman says that the
directors now have ihc full
co-operalion of its associate in
ensuring the availability of the
required information for the
future.
Property revaluations during
the year resulted in lower values
which reduced reserves by
fo.T'.DOn. 3
Mr Stephenson rays the tradi-
and subslam iai Twinlock
and Shannon business led a pro-
mising recovery although in other
areas it has been slower than
anticipated. The export and over-
seas companies continued in
improve their profit cnnirihuiion-
overseas sales having increased
by 31 per cent. U.K. exp^ wS
up from £2.96m. m 13. iftm
♦ i,! 1 * C01 " pa I? y ’ s activities include
the manufacture and marketing
of products for record as *555?
retrieving and displaying buHness
intorniatmii. ft* «, Jiai - cs aro ,
1. er-lbe-cnunlcr by M j
nightingale and Co. '
\ rV : u_-;
' 71 *
Still sending
' :5
- i', — -
garments pact
™ Jn cartons?
ts packet^ ^
^ They travel better on hangers whil#i ;
w ... reducing the total cosg
v of distributor
Improvement
at midterm
by Stockfis
Here s where you save:
1. Wages* Switching to Tibbett & Britten means you canreduca your despatch staff by up to two In evary thread ^
2. Packaging Materials. Instead of having to stock evewiamBrcartons and tissue, use plastic hangers and 5*s.
polythene covers. A significant ^vtngm cost. •
3. Space. The far shorter handling time means a smailerdepartment can deal with more goods. ; ^ V
And here's where you gain:
1 . Goodwill. Your customers will no longer have to anpadc, re-firwsh and hang your - garments. That saves la hot :v>.
space and tjme. Garments ready for the selling rail as soon as they amve v«(t help the cash to flow, ;\.
2- Spaed We collect and deliver virtually anywhere in theU*K. in tome days, often In two, depending on distaff
Making headway in the *
half-year to February 28 1 S
sheet metal workers and sippl
fabricators, Robert R. stolk^J
(Mancbesier) reports tJSSff
ahead from £1 3 ftm. to II Jl
3. Security. We handle around 45 milHon garments a
And we're working hard to Improve even that unriva
r, with losses never yet exceeding 1 in 100,0001
record.. V
4. Sendee, We collect and deliver punctually -and keepintouchso you always know whafs going on. Andwa'S^V v ' :
take cartons of dotnes you cannot hang as well. ^
ancau irom ii 3 n m . lo £i 58in d
a nse in taxable profits from
£161549 to £225,508. Jr0 “
The directors slate that pro-
viding Current trading conditions
continue they expect a .satisfac-
tory level of profitability to ho
maintained In the second half—
ihc second half of last yp ar
contributed I2HI.757 to full-vcar
profit « of £372.306. *
The interim dividend is sieo*, e d
up from 2-np fo 2.7.‘n net per
sh.tre— last years final payment
was 4.35p.
If slotting Into our regular network does not suit yod, iwk about vD&ime - rates for ^»dfic Journeys. Or about W
on contract hire. In our Every or yours. Or about our warehousing «H-off service. ^
If you have garments to move, call Mike Cass. He's oiff national sales manager. Thatcaff could be a greet •
investment for your company, '"
. A
The Financial Times Thursday July 21 1977
Second-half loss cuts
Fairey to £1.27m.
U.K. boost puts LRC
ahead at £7.7m.
A SECOND-half loss or £n.9m.,
. . . . . . THE HOME and health care
ne was optimistic ahout^ prospects „ rnnn LRC International
March 31. 1377. Turnover duTdi-ririx. * : »ITIaai ipdo-aMon. are not
£6.7m. ahead aj £69 .84m. ava.lafk -h.ih-r .i:%irtvnds nwerwi
At halfway, reporunc a rise *'< £*«**£%
from £1.3am. in £2.1a>n.. the , a st i.nwijW--
directors said that they expected tq-oav
more profit in the second half and tmerims— TL-aomcni ! ®*«s-
an increase in the year as a whole, Trus E^ Jgg*
Advance to
£0.48m. by
Vita-Tex
To-day’s
company
meetings
company
the impetus expected after its . _
good recovery of lust year, it ■* Alpine Soft Drinks, Birmine-
staled. ham, 12. Berkeley HambrA
While the contribution from « Bishopsgate. B.C., 10.
overseas and exports again Bridgend Processes, Winchester
showed a positive advance— North E ~ ^;. 1030 Carlton In-
There is no final dividend. SSEn h" lU' "rJSSt t SSTwS^ V 812- I PY America pm in profits of £H7m H- Casting
leaving the interim of 1.2p net 5*i Tr.K B , Y M.IO. 1CA -^e mam emphasis comes from Century- Oils Stoke on
per 25n share to stand as the Final*— Alina rt London Properties. Atlan- ihr excellent performance of LK Comben Group. Bristol,
t ota 1 for the «sr com Dared* wi l h «"A^ Tru*. B,,n , SECOND-HALF PRE-TAX profit industries in the U.K.. caused l"-™- Eucalyptus Pulp Mills.
34t"5« fnr vMr p P»rnmLs c ™«- ^ flJ ' ~H2£L «* Vita-Tex rose from £225.000 nrtmlrUv by the rationalisation of Charing Cross Hotel, W.C. 12.30.
are shown as 4 5p against 24 2p. S inn" 1 Thomn^n "and ivrstird. .vorun 10 ®a4,00fljo end the year ^ t he LB and San it as sales divisions Lamont HoWings. Edinburgh,
Edvards. Mnum lovcamieni*. April 30. 19i». up from £314.000 j nlo one un j t the directors add. I't.lo. Leigh Investors. Birming-
The directors state that ihe Roland. ju.xamJ..r P»'-u- r. h. Tom- to £481.000. . ■ ham, 12. Lllleshall Group, Salop,
result for the year is disappoint- *,,»>. t'nic*^ At the halfway stage the Pr »>* *' as 5,r , uc l?n n^n ?■?*?.,! and Provisional Trust.
In*. There were two mam lm „ lm _ FUTURE director, said that provided contribution of fijO.OOO to the Bucklersbury House> E.C.. 2.15.
reasons for the shortfall, they .. Aas . 2 there was no change in the level company., pension fund. irm uetal Box. The Dorchester, YV..
sav. First, major comracis for ^ ACC , rt .'M vm k life a„«. am. in Q f domestic spending, they ex- exchange profits arising oiuon y , m Paula ^ Whu Ipswich.
*--- J — - - t..i_ «= * - - ---- -olidation of the o\ersea s - — --
julJr Peeled that second-half results 'olidation or toe oversea- j._. Plysu, Winchester House,
•• 3B £ should be similar. companies came to *>00.000. E C.. 11. Robertson Foods. Becken-
bndses and aircraft which were aianchcvor nanao
under final nesotiatinn in Xnvem- i‘.c iuwu«n-ni«
ber. and which were fully x " The ne’r final dividend is 2p for As indicated at the half-w.iy ham, 10-30. Sa Tigers. Connaught
expected to be signed in time for Ai/uUam.n.-u n^nli-d Product* Jolr E a total of 32 p i2.7pj sta n e when profit was £3.77m. Rooms, W.C.12. Stonehilt' Hold
“The - -
substantial deliveries to be made vnsion Holdings
before Ihe \ear end. were not F.liis j"'I K’.ir.ird
in fact, slened in time for those Phlrm i>-.nral<
deliveries lo be made. The profit »,.p*.nd
to be taken during the year on phaem, Timber
these contracts would have wnrvWs ii-si.vinrn,
amounted to some £2m.. it is
St Secondly. because of the fairey Hydraulic* and Fa,r *7 W
■; The company
July 22 knitted f.ibric.s.
Jntr 27
.. July 23
.. Aujt. i Turnover
.. . July 26 Traduu: profit
OoDreciaMon
lmerr,t payahl-
Profits before tax
. .. . M-.rine hail U goiirj year it IS Stated. Net profit ....
assuntnee that the contracts „ . Sun - ev« hmJ a difficult year D»vid«aiH
would he placed, and Ihe difh- «hnri*«-c of work but * Almost «nurely in respect of deterred
™|ty w,, Ji producl. of h,=h toch- ■ » s 5^d-'rd,™ lor iZi
nolosy of suspending production.
stocks were accumulated against IU \jj CP m panic'
except Tress
Debenture
the contracts. These stocks re- Er j B , neeT i nc and the viatlon divi-
quired financing, and the j fl . doing well, members are
additional interest charge over , n j d Treii:i is suffcrinit from world
1,5 conditions in the process plant V- Ui pOrdllUn
exceeds £0.5m.
that budgeted amounted
Il2Gm. uidustry
Slock levels in the engineering F n j re y Brillen-Norman is con-
division will be reduced as a centra tma on reducing its stocks
result of orders now received of r . nrn p| ele d a i reran. The sales
makes warp l£2.4m ) the directors are recoin- ings, Churchill Hotel. W.. 11.30.
mendins the maximum permitted l .nijong Tin Dredging. 65 London
1976-77 1973-7* dividend total of 3.420 p tS.OSSpi Wall. E.C- 11.30. Tridant Group
£ ®?? net. wirh a final of 2.179p. Stated Printers. Walkden House. Melton
* ££ earnings are B Srtp t7.59p) or 3.04P Streer. N.W.. 12.15. Wheatsheaf
217 1 6.96p) fully diluted. - Distribution and Trading. Aber-
^ Turnover for the first quarter torn Rooms. E.C^ 12. Witan In-
™ of the current year reflu-cf* ;^ UI,en V ” Austin Fnars. E.C,
l Ft continuing growth at £24m.. with 1 - s> -
^ exDorts from the U.K. showing a
substantial increase, the director^
report be roJ1 ow«t up this year- by
_. , a corresponding drive bn stock
The comparative figures for 2nJ ceotral com p Ul erisation of
Ifl.h or group profit before lhift atao The compgQy ts ^
look more soundly
based and another good rise in
sw
7.36S
o'J
2*5
107
«sl
TOM
tax and profit attributable to Jinnin g t0 iook more S0llndlv
771 hers have been increased b> l>ased and another j, ood rise in
^ 1 t * C f C °, Un [ °[ “ lc, oks likely this year. The
change in the basis of stock ytlua- ihares . al 674 p yielding g per
non to comply with SSAPP ivnt . COV ered 2.6 times, look
worth o> - er £l2m . members are organisation has "vrn muen _ — ”■ :r~ -■ ■■
told. The stock of aircraft is strengthened, but i lie job is form- &75” l,on ...*iP? n P ed
SUM much too high and will take jdable. says the directors. £393^72 lo £>19.396 for
some months to bring back to * * ,0 " _ *“ T ""~ ' ,r ' ' n ~
been much
After ; tax revenue of Debenture
from
■■ vrtsvMMUiiai UULUUIl Ml l^tailUV v. vuou ULUUII n t ■ ; '
inili. Tax rakes I2fl5.ono against in Belgium was delayed. December 31. 19.6 1 including ifMl
£ s .06.ono. Profit altribulable Producl ion of b.«lh Islander and per cef,t - 'Ti^-estment currency Q comment
emerged at £n.S7m. compared Trislander in Belgium has now The
with £4 .35m. after
Earnings per
share
figures
have
also been restated.
Tumour
19TS-77
mw
WT5-:*
‘ CfllO
KS. m - .*
Profit before tax
7 .T 12
1
L‘ K. tax
it;
i - c "
n—nriji tax
1 rv
.i-% .
D'lrnwl lax
l.WS
JIM
RrneM. debit*
X
Aunhuiabir-
3.:<5?
2
Inrprtm dividend
410
Kliwl
...
•M
7 **
Wilkinson
Match sees
progress
The directors of Wilkinson
Match believe that concentration
n. compared Trislander in Belgium has now P*vm.um '-"P iii-wpi. - t-v lhe „ 0UD '. raa ; n SD v, e res
evtraordinarv- been reduced and the Belgian net interim dividend is increased Rational,. sat ion and reorganisation " ^™ a _ lT? D 5P 35cts
(£44.000> and company races a difficult period t0 Ip y**r pay- have been the mam factors behind d ° P 2J n C J' n J£c£2Sll
. . -hile the transfer and re-t mining rnents totalhng __2 75p -ere paid per cen pre-tax improve-
debits of £114.000
There is in he an ECM on July of labour takes place. from net revenue of IS73.9W. mem. at LRC International R> ChrSinSlSrliwSS!*
26 to consider the proposal to in- A divisional analysis of turn- A geographical analysis of net | h . e sale ^ forces of the ra ' anaiI j n , director
crease the company's borrowing over and trading profit sbows total resources of 133.61m. LR Industries and bamtas cosi >> - *
powers. t£00fls omitted! aviation £37,256 (£30.08m. at end 1976) shows in hav * bwn saved and market There was pressure on operat-
T he directors say they have con- 1130.312) and £1^97 (£7051, cn- percentages: U.K. 753: U.R. 15.3: penetration improved. The prime Ing margins in the consumer
rmued to write off all development gineering £19.748 i£19.927) and Canada 2.7: South Africa 2 3' and example is rubber gloves: the products division last year, Mr.
>:• — — : j r- — — -• .-j • — . — ■ -- salesmen who previously went Lewinton says, and cost reduc-
U3U?»»r round supermarkets with onl.v non programmes will therefore
is— hts toiletry' goods now also offer :he play an important pafrt jn the
ssrS.ri wvc - ,0 ' es - The success of this year ahead.
it*.*!* ?rs w; logical step means that LRC !S The manage,,^ nf , he sa f el ..
*■1 V, ?.*?, selhn2 3,1 'he gloves it can make. an d protection division is being
s- -7- il ’?; Similar rauonalisation can now strengthened. he adds, and
,wini j.vi’in* ra * te place abroad. Meanwhile greater resources will be pro-
ni.v* W3.3T3 debtors have been computerised -,-ided to ensure that the division
..I™ isg and a credit control drive has in- plays a larger role in the develop-
■ , s creased the sales debtor ratio ment of the group.
expenditure as incurred. Certain £3.64 1 i £3.940). industrial products elsewhere 4.2.
variants in the aircraft and exlcn- £7.959 i£6.971i and £SS9 (£1,939).
sinn? to ihe bridge ranee, which marine £2.969 (£33Sli and £420
were undertaken to secure bind- ifSflflj. and survev £1.903 t£2.W6) Franked tn*»n*
ness in future years, cost and 107 (£111). I’nfranind wom*
sec lcx
Inierr«r
TaxAimn
Net revenue
Prcl rtn-idend
Available
Ordinarv dividend
£947.fi00 during the year, com-
pared with £209 .000. The work on
Ihe bridge is particularly signifi-
cant. they say, extending the mar-
ket for ihe product itself and
ensuring its future sales well into
the 1990s.
H. SAMUEL
PROSPECTS
ria i nrfurtc Hivicinn H- Samuel. Mr. avm<«K and from 4.2 to 4.S. and has enabled As reported on K July 13, group
The industrial products dn ision. G. E. Ed^ar. the chairman said under v-rlun^ wmmrwm. the borrowings to fall £2fm. This nre-tax profit expanded from
£9.5Lm. to £ 12.35m-, and the divi-
dend total is a maximum per-
mitted 8-2S759p per £1 share
<7.48872p).
The directors propose an
increase in the authorised share
capital of the group from £33m.
to £40 tn. They consider that,
after taking Into account the un-
issued shares which must be kepr
available for the conversion of
the loan stock, this increase will
enable them to take advantage
of opportunities as they occur.
Meeting, The Dorchester, W,
August 9 at 11.30 a.ra.
Chamberlain
Phipps
optimistic
TRADLNG since April 1 at
Chamberlain Phipps has been
satisfactory and at present Mr.
W. R. Chamberlain, chairman, is
optimistic for the year as a whole.
Capital commitments for the
group amount to 11.34 m-
compared with £0.99m.
As reported on June 21, sales
for the year to March 31. 1977
rose more than £10m. to £45-89m.
and pre-tax profit was up from
£0.69m. to £2Jm.
Sixty-eighr per cent, of total
sales were to U.K. customers and.
16 per cent were exports— 16 per
cent of sales were made by
overseas companies.
In his annual statement Mr.
Chamberlain says that in view cf
the substantial increase in sales
during- the year he considers it
satisfactory that overdraft and
short and long-term borrowings
increased by only £027m. The
bank overdraft itself increased by
£0 32m. (10.67m. decrease).
He says he is disturbed by the
further increase of imoortR of
footwear into the British Isle*
during 1976-77 even though only
45 ner cent, of total sales were
made tn shoe manufacturers in
the U.K.
Statement Page 22
CU LAUNCHES
NEW PENSIONS
CONTRACT
The Commercial Union Assur-
au'*e Company has launched a
rerised individual pensions
contract. The Retirementmaker.
designed to augment the benefits
provided by the State scheme and
by private pension schemes. It
can be used, to cover all types of
employees, melding directors, and
provides rt?h and pension benefits
at retirement, a lump sum in the
event of death in service, together
with pensions to widow's- or
widowers.
Extracts from tiie
statement by the
Chairman,
MrGSJ. Summerlin:
Demand for our polyethylene bottles .
continues to grew and in some areas we are
hard put to satisfy our customers. However a far
reaching programme of expansion is well under way
The months ahead should show a marked increase
in turnover and profit
There is-.an enthusiastic spirit at Plysu which is not
confined to management and we all view the
prospects for the current year and the years ahead
with well founded optimism.
Years ending31st March 1976 197 7
Turnover • £6,568,000 £9,423,000
Depreciation £345,000 £398,000
Profit before tax £474,000 £811,000
Earnings per share - 4.3p 7.7p
Dividends per share' U261p 1.23 87p
PLYSU LIMITED
For s copy of the Report and Accounts, please wile to Ihe Secretary,
Plysu Limited, 120 Station Road, Vftibunn Sands. M/lfon Keynes,
Buckinghamshire, MK17 8SE. . -
J. BILLAM LIMITED
Record Output and Turnover
Extracts from the circulated statement of the Chairman,
Mr. Gordon Billam:
Pre-tax profit of the Group for 1976 is £152,989 compared
with £115.552.
The Group net profit after taxation and after payment
of the Interim dividend of £10.725 leaves this year's profit
available for appropriation at £61,194. .
Your board recommends a final dividend of 2.21 -pence
per share which together with the related tax credit amounts
to 2.4 pence* (1975 2.21 pence per share) making 4.5 pence
per share H975 4.5 pence per share). Payment of the final
dividend will absorb a further £33,150 leawldg profit retained
of £23.044.
Throughout 1976 the Group achieved record levels of
output and turnover resulting in higher profits.
- Export Sales have continued . to increase during 1977 and
together with higher turnover -throughout the Group -there is
every indication of a further improvement in the results
for the current year.
Directors
The Chairman, Sir Arthur Knight, expressed the Board's
appreciation of the valuable contributions to the Group’s affairs
made by Mr. J. P. Koppcl, a Deputy Chairman, and Mr. M. R.
Parker, both of whom retired during the year. During his long and
distinguished career with the Company Mr. Koppel held a number
of senior appointments in the UK and overseas, serving on the
Board for 15 years. Mr. Parker had 31 years’ Company service and
was a director for nine.
Two new executive directors had joined the Board since the last
General Meeting - Mr. R. M. Woodhouse and Mr. G. J. Heame.
Mr. Woodhouse, 49. joined Courtaulds in 1951- He joined the
Company’s paint activities in 1961 and became managing director
of The International Paint Company in 1972.
Air. Heame, 30, joined the Board on 1 July 1977 to be responsible
for finance and administration. Mr. Heame ’s previous experience
in the legal profession, in banking and in ocher industrial fields
would be of considerable value.
Mr. J. K. W. Berry had decided to retire at the conclusion of the
meeting. He joined the Company in X937 and was concerned with
the establishment of viscose rayon as a major tyre cord material.
During his forty years with the Group, Mr. Berry held a number
of senior positions and was appointed to the Board in 197 1 .
Secretary
The Company Secretary, Mr. L. R. Croydon, would shortly be
leaving to take up an outside appointment. Air- Croydon had
served with distinction during his long service with the Company.
He would be succeeded by Mr. C- J. Cornwall, an actuary who
joined Courtaulds as Group Pensions Administrator in 1976 from
British Rail where his career lay in the fields of admin istration,
personnel and industrial relations.
Margins
In the year 1976-77 the Group was able to increase selling
prices to the extent necessary to cover increasing costs and modest ly
ro improve profit margins. But there was nothing in the results to
justify the recent euphoria.
Inflation
To take account of inflation the Group would need £45 million
of additional depreciation and £45 million for the replacement of
stocks. There is a long way to go before canting an adequate profit
on the assets employed.
Closures
The Chairman re-emphasized that the survival and growth of
the Group could never mean the survival of every single part and
the Directors’ Report referred not only to closures, such as in the
UK and France, but also co expansions such as the Campsic plant
in Northern Ireland.
z% Reduction in Employees
Although 4'\, of Group employees in the UK were affected by
the closures, increased opportunities elsewhere in the Group meant
that the total number in the UK fell by under t n „ . This can be of no
comfort ro those personally affected and such drastic decisions can.
only be justified as a last resort when there is no prospect of long-
term viability. The Directors arc conscious of their responsibility
for safeguarding the future of the Company as a whole.
General Survey
The Chairman then commented on the five main product groups
— fibres and yams, fabrics, consumer products, packaging and paint.
Pauat
The paint business continued its successful growth. During the
year an immensely improved ami-fouling paint was launched. Its
use can reduce substantially the shipping industry’s high fuel bills.
The industry’s response is encouraging. The International Paint
Company also entered into an agreement with Japanese partners
which will extend the marketing possibilities worldwide for their
marine coatings.
Packaging
British Cellophane are further developing their polypropylene
film business- Results achieved and plans in preparation ’lend
support to high hopes for the future. British Cellophane arc also
extending in the UK and oxcr-eas their successful film converting
business - one example from within the Group where small invest-
ments overseas can greatly strengthen UK export prospects.
Fibres and Textiles
The outstanding feature of the Group's textile activities in the
past year consisted in the export performance. Exports of fibres,
yams, fabrics and consumer products accounted for some 80 \ of the
Group total. They increased in value by 60 ' 0 over the previous year
and were 4a % up in volume.
Viscose Staple
Some part of the export increase related to viscose rayon staple in
which the Group's competitive position in the longer term is well-
based. This strong competitive position was founded on large-scale
production and consequent low costs when the UK's protective
tariff on this product was comparatively high enabling Courtaulds to
sustain a confidence in the product, which was noc possible for
foreign competitors- This confidence has been put to good use :n
research and development resulting in improved viscose fibres.
Protection can be a springboard and not afeathcr-bcd.
Europe
The chief interest foe the future in last year’s fibre and textile
export performance lies in its emphasis upon sales into Europe.
50 0 ., of last year’s exports were to other European countries with
the EEC predominating. The value of sales to the rest of the EEC
increased by 3o c „. Many years have been devoted to building up
sales and the sales organisation in Europe, and Iasi year the com-
petitive level of sterling gave added impetus. The Company was
able to set price levels for some produers which led to an increase
in market share. These facts provide further proof that Group
strategy in recent years has been well judged, with its emphasis on
new investment, especially in the fabric business directed towards
the European market.
Where Strengths Lie
Looking ahead the Group has the advantageous balance in its
range of fibres with emphasis on the cclluiosics. Research is geared
to improving all of the fibres produced. The new Viloft and Trice!
Soft fibres are examples of what can be done. In many parts of the
fabric business, the Group has the most modern equipment, but its
use has not reached US levels of productivity in the plants. General
efficiency in handling sales is also being improved and progress
made towards improved design. Modified and improved fibres will
be a major factor in gaining a icad in fabric markets.
Entrepreneurial Approach
A third area of potential strength lies in the consumer products
group. The new Campsic plan: will take time to establish, but the
prospects are good- Jn garments the modest improvement in
trading suggests that the Director are on the right lines in
encouraging managers to adopt methods of working suited to this
highly fragmented and individualistic industry. The need for good
and innovative design in consumer products is accepted just as
much as in fabric j.
Excess Fibre Capacity
There are problems, too. The excess fibre capacities existing in
Europe are of major proportions and it is dliScult to sec how they
CIS
can be dealt with through normal commercial processes. In these
conditions the Group has been glad to have only a limited connnit-
ment to nylon and polyester, but acrylic fibre results have also been
adversely affected. The situation has a generally depressing effect
on prices at all stages. “Competitors on the Continent are not all
subject to the disciplines which force us to take drastic action to
dpi with our problems and this must make our job the more
difficult. There can be no solution except through the effective
involvement and co-operation of the governments concerned.”
Imports of 69%
Another problem beyond the Company’s capacity to deal with
unaided is the high level of textile and clothmg imports. In the first
quarter of this year imports of fibres, fabrics and made-up goods
accounted for 69% of the 227,000 tons of textiles which went into
manufacturing and distribution for the domestic market.
Imports from developed countries represent no rmal competition,
though there are the problems created by governments. But 23% of
the total input to the UK domestic market consists of i mp o m from
the less-developed countries j the corresponding imports into- Italy
account for ^ n 0 and into France for only 13%. Qf the major EEC
countries only the Germans have opened their domestic market
to the same extent as the UK. These disparities are a consequence
of past government policies.
The Multi-Fibre Arrangement has been inadequate in A-almy
with the import problem but the Company has been much
encouraged by government willingness to seek improved arrange-
ments in a renegotiated MFA, by the consensus readied by EEC
partners about measures required, and by the robust stance of UK
official? in the discussions. Even if the negotiations are wholly
successful, the new arrangements will need to be vigorously
a dm i n istered by the Brussels Commission-
Other developed nations professing an equally str on g commit-
ment to the principles of the GATT have found their own ways to
limit textile imports from the less-developed. As compared with
the UK figure of 23° 0 , the corresp on ding imports into Japan and
USA account for only 8% or so of their domestic markets.
There is no inconsistency between continued emphasis on ex-
pansion of exports and advocacy of more effective policies to
restrain textile imports. Any further erosion of the UK market will
d a mag e export competitiveness ; any domestic expansion will
enhance it. The recognition that the UK textile case needs special
treatment should become an article of national industrial policy
which all in the industry can rely upon for some years to come. .“As
we have shown in the past, we know the difference between a
springboard and a feather-bed’’.
Feople
"The things we have been doing require a sense of purpose and
dedication which we have had in full measure and I want to express
a deep appreciation of the work done by all in the Group. The
rewards which people might reasonably expect have been whittled
■way by the combined effects of inflation and taxation”. The
prospects for all employed in Courtaulds are most likely to .be
improved if there is a wide understanding of the Company’s
position and a sense of active involvement in making necessary
changes. Managers are being helped and encouraged to do what u
needed to foster this. There can be no blueprint in a business as
large and diverse as Courtaulds. Each part of the business - each
site - must find its own solution. The Bullock proposals have
nothing to contribute to this necessary process and at this stage
there is little to hope for from worker directors appointed in a
different manner from the way in which existing directors are
appointed. The useful involvement of all in the improvement of
productivity depends upon engaging the co-operation of those with
knowledge and interest at die point where they can make their
mosc effective contribution.
Added Value
The Accounts show that of the added value, wages and salaries
and related benefits at £437 million accounted for 72%. This is
high. Vays have to be foond of in creating added value if the
inadequate profit level is to be improved and the means for higher
wages and salaries is to be provided.
Productivity • -
Market conditions will limit the ability Co increase prices. World
tr ade is n ot improving -as rapidly as hoped. The increased pro-
ductivity which comes, from mocased sales volume will be ljrm tgd.
There are however productivity improvements to be made
Through changes in working methods. Wage and salary improve-
ment will emerge only from high productivities. There is no. other
. source. Too high a share of inadequate added value is already
required for existing wage and salary commitments. To t hat extent,
die present situation is .welcome, with no general understanding
between government*' TUG and. CBI implying a unifbHn increase.
This situation must direct attention, to h i g h e r productivity as rhe
only genuine source from which increases can be generated.
Site Bargaining
Courtaulds bebeve h wtnildbewrraigto regard larger bargaining
units as necessarily desirable. E ro e rienn* points ■ entirely rbe other
way. Central negotiations are found too remote. Jn fibres and
packaging the Company has moved since 196& fr om a central to a
localbargaimngsyBtan,withbenefitstoaIIconcemed. ’
Liquidity
The Accounts show that £90.6 m ill i on was earned from trading.
£*Sfi-S mill i on was need e d to finance new investment and increased
working capital. The shortfall of over £95 million- was found by
using cash held at the beguming of the year and by drawing on the
medium-term fa cilities . -
T otal borrowings g jCyy niBiBD are reasonable in relation to
total employed capital of some £1100 million at current values. .
Unused borrowing fej-ilmVc are, ade q uare.
In recent years the Group has invested heavily in new plant and
equipment. In today’s, conditions, it does hoc feel able to commie
further large sums and the level of capi tal expenditure is' being
reduced. . 7*.
Increases are not eqxixed.on'fbe'scaleof last year in the prices
of raw materials. Costs of the Group’s UK-ptxrtfiiases.of manu-
factured goods will depend on the general level of wage increases,
and the unrealistic .eapee rari ons winch exist are alarming. Internal
costs will depend on suqceiis in reteting-mcreased wage and salary -
payments to imp roved productivities- • I
The need to deploy liquid resources towards activities' which are
most worthwhile wnibeamajlorconsidexationfihis year.. .- -
Prospe c t s
Trading conditions inthe past three monrfisbave been generally
less satisfactory than in- the law are months of the financial year jnsr
ended, and this is true of almost aQ sections of the business in the
UK and overseas. ■ ..
Exports in these- three months: were xo% higher overall rlurp
those in the corresponding nywirfr* of last year bin: die volume to
many areas is lower. Short-time workmg iiia nu m ber of operations
is being introduced or extended
The Directors can expect ro report trading results for the first
half of the year which wfli be. riaha^.bemer than .die low level of ■
those announced for ihe corresponding period last year - perhaps
by as much as 30% — bur eves thr modest improvement in the
market situation fmm which the Group benefitted in the second
half of] ast year ha s ik tf b e e n affined;' - -
Ui the UK the imdctiyingxrend catmor beencouiaging for some
while, though it is possible to. foresee circumstances in which a
recovery in consumer^ Spending might hares beneficial effect for a
while on sales, at alLstage*, for stocks in the textile pipeline ace now
at low levels. In developed- markets overseas the underlying.''.
conditions are more propiobus fora Sustained recovery, butit is nor
possible to assess its ukriy timing. : .
„ T he Gbaimian hoped ic would be possible to give some more
firm indication af p ruspetaxih the inte rim j tarement in November.
■Vic
i i
» V, ...
' i i ■
,i • ’ •
f; '
i* t-V
K
FT
I. !•
■;:< .
>5 .
c- : '
fa ■»
to 5 -
I?
u •:•
5 s-
i -r
§j
9- ■li-
ft , .
P; • *
'.'j?
'jv.:
research
DIVISION
BRITISH CELLOPHANE
LIMITED
VISCOSE DIVISION
BRITISH CELANE 5 E
LIMITED
iv: - « -• ■ - - ' ■ -
COURTAULDS
LIMITED
THE MA R«MEC0AT|NjS
C-1-. IGIONIJF THE
Ititer'iatiotjal paitii co ltd.
ft?
• \ r .x \ :
—
24
'"ir
:• i
'I
■The 98 per cent profit rise at
^ Heron Motor fCorporatlon,
rom £1.02ro. to £2.02m., for the
J ear to March 31, vies doe to a
[ Teater emphasis «ro servicing
S nd spare parts, according to Mr.
. Jerald Ronson. chief; executive of
Ihe parent company, the Heron
>)orpo:ration. In addition, the
I merging of the various new acqui-
sitions over the lafft few years is
, /marly complete. The result has
^een much improved margins.
• However, Mr. R-onson says that
*te expects to see ^margins of 3 to
. 4 per cent., agaiiwt last year's 2
. tier cent, so further growth is
.looked for this year.
VOne of the underlying strengths
•of the company, it is claimed, is
ithe more stable /position which is
merging in Brrtish keyland. The
company has also been well sup-
jported during the year by Rolls*
Royce. This ’nas made a worth-
while contribi'rtion to profit,
t The company is paying a final
/dividend of 'L63p per 23p share.
Kn addition to the interim dividend
Jdf 1.549p already 'paid, for a total
•Of 3.179p. compared with 2B9p.
This is the maximum permitted,
famines f^ir share are stated at
-Sain basic (3.38pL 7.74p diluted
l{3.2flp).
Heron Motor Corporation con-,
tinues to hold 2^5 per cent -of
its competitors, Henleys, theac-
qulsition of which aroused strong
rumours of a pending take-over.
Mr. Ronson said yesterday that
there were "no imminent propo-
sals. We are not doing anything
with Henleys. We are JWtsitting
on a very satisfactory investment. .
Statement Page 22
Hampson
better at
£ 565,749
ON TURNOVER up from £7.44m.
to £10.58nL, pre-tax profit for the
year to March 31, 1977 at Hamp-
son Industries advanced to
£565,749 compared with £401,945.
At halfway, the directors said
that second half profits were not
expected to be less than the
£240,420 reported ' for the first
half.
(Earnings per 5p share., are
stated as 2Jfip n.91p1. -A final
.dividend of 0.475p net makes a
total of 0.75p against 0.825p last
year. The Treasury have giren
permission to this payment on
recovery grounds. A scrip issue
of one-for-ten la proposed.
The accounting treatment for
deferred tax,, has been changed
as the directors consider that no
liability will arise -in the - forer-
seeable future. As a result, the
tax charge is not related to the
year's profit— the 1976 figure has
been amended to give a true com-
parison..
1878-77 1873-78
t 1
Turnover 18.382.611 7.4.18.433
Pre-tax profit 885,748 WLNS
Taxation 215.849
Net profit 350.050
Extra ord. debit ■ —
Preference div. 3.938
ordinary noJta
Waiver* 34.193
Retained 269.006
XIS.102
2S3S43
2U3I7
3.938
91349
37.377
182^56
HK (SELANGOR)
The Treasury has confirmed
that Hongkong (Selangor) Robber
will not be subject to the cur-
rent regulations on dividend con-
trols as the company is trading
and operating exclusively over-
seas.
WITH rrs Wide spreads Invest-
ment at home and ovet»as bailv
Mail and General
the future with confid^^^pj.
ing to Viscount RothS^^:
chairman, in his annirij.
The directors look foiWd to
improvement in. the .Unbalance
of . payments which *-:ri 0 u]d
strengthen both sterling ’and the
economy as a whole.' he'says.
As reported on. July g, Uter-tax
profit for the year to. March 31
1977, was ahead by' £313007 l0
£1.76ra. and the net ditf dead is
stepped up to li.444p-(iQ,4 Wp )
per 50p .share. Asset;, value per
share was 4S8p (391pj. .'.
Orcrall income increased S3 per
cenL with the contribution from
the subsidiary up. 18 , ttn |.
and from the company's /invest-
ment portfolio up by 16 per cent.
Being reasonably Hquitf din-ins
the year the company-jwas able
to take advantage wh
interest rates and to entidpate
recovery in the "by th e
il Trust confident
Financial Times Thursday July 21; 1977
purchase of equities at advan-
tageous prices... . .
Statement Page 26:
Rank Radio
on target
to cut loss
FOLLOWING THE announcement
by the Rank Organisation Of its
interim results, the company
states that white -losses are being
incurred by Rank Radio Inter*
national, the Bush and Murphy
company, they are running at a
lower level than last year.
Mr. J. B. Smith, chairman of
Rank Radio ' International, says:
** We have not returned to profit-
ability, but improvements in UX
sales and in operating efficiency
have helped Rank Radio to pro-
duce better figures for the first
half of the year. We are on
target to red lice last year’s loss of
to&m.
“This is being achieved against
a background of poor markets
both in the U.K. and overseas,”
says. Mr. Smith.
Since October. 1976. there has
been further rationalisation of the
company's operation by .move-
ment of headquarters from Lon*,
don to the main Plymouth factory
and by the closure of four other
premises, he adds.
“We have good products-— a,
fact which is confirmed by large!
and small dealers alike. We also
hare a complete new range ' of
television and audio products,
including Teletext, which should
benefit us when economic condi-
tions both at home and abroad
improve.” .
J. BILLAM
TURNOVER UP
. Yesterday’s AGM of J. Blfiam
was told that turnover Tor the
six months to date was 22 per
cent, up on the comparative 1974
figures: There Is every indica
tion that this trend will continue
members were told. -
Statement Page 23
CARS LIMITED
'Afeina of the Board of Directors of AC Care Umitef watf held
-- ™d|y° ilth July 1977, and set out below are Jh»_-Tesults
j. •
.vr.-ij-v •
-Wfead • on Ordinary Shares
'-proposed (to Shareholders
-on Register at close of oust*.
“ 10tb August 1977)
Steoap Turnover
S&niB) Profit after ail changes ••
: inciiidlnfl taxation
United 'Kingdom Taxation
Amount absorbed by Ordinary
TJ&ldends proposed ..........
Earaiags. per Share
Si* tnonths
ended
•-3Isf March
VST7
7.60% Net
0S5p Net
per share
Sinnontha
ended
31st March
. '; ,19 76
■7^0%. Net
O^Sp Net
per share
£UlS,0e0 : ' . £1,07^000
£43400
£46*800
£7,000
.246p
: -£38^QOO
£40,500 '
£7,000
IBQp
unlikely that we shall be able to achieve profits .at the level,
-of- idle -first six months during the second half of the Accounting
t-Pekod.' It cannot therefore be assumed that the overall dividend
tor the 'current year can be maintained at the’ level paid last year-.
% dividend will be paid on 2fith August 1977. - 1 • • / = ;
Si
9!
BOFFELSFONTEIN
GOLD MINING COMPANY LIMITED
Issued Capital — 11,000,000 shares of R1 each.
Operating results 12 months
Quarter ended ' ended
30 June 31 March 30 June
Gold 1977 1977 1977
-(f)
- m
Ore milled (£)
Ore milled by Stilfantein . . (f)
Ore milled— Total. .
Gold produced . . .
Gold produced '
byStiifontein . . .
Gold produced— Total
Yield
Yield by Stilfontein .
Yield — -Total .....
Working revenue per ton
milled (ft)
Working cost per ton milled (A)
Income per ton milled . . (ft)
Uranium
Pulp treated (()
Oxide produced .... (kg)
Yield per ton .... (kg/t)
782.000
9.000
791.000
7,270-137
763,000 3,101,000
16.000 98,000
‘779,000 3,199.000
7,041-232 28,374-821
- (kg)
• (kg)
- (P/O
- (P/O
.07/0
79-672
7,349-809
9-30
8- 85
9- 29
158-753 • 902-046
7,199-985 29,276-867
9-23 9-15
9-93 9-20
9-24 . ' 9-15
35-87
33-83
31-87
Financial (R'OOO)
Working revenue • .
Working costs . .
[gold)
(gold)
Tribute agreement—
Vaal Reef (Nett)
Income ....... (gold)
Income on uranium production
Tribute agreement —
Vaal Reef (Nett) . . . .
Income on sale of pyrita . . .
Income on sale of acid . . .
income at mine . . .
Net additional revenue
Less interest . . . .
Income before taxation and
State's share of Income . .
Taxation and State's share
of income
Income after taxation and
State's share of Income. . .
Capita! expenditure: Gold . .
Uranium and acid
Trade investments
Dividends : declared . . . .
cents pershare . .
Loan repayments
Loan balance outstanding . .
Loan levies
Capital expenditure
commitments .....
Development
Advanced ( m )
Sampling results: Sampled ( m )
Channel width . . . .(cm)
Average value: Gold (cm.git)
Uranium. ... (cm. kg ft)
Payable:
Metres (m)
Percentages .......
Channel width .
Value: Gold . .
Uranium .
. .(cm)
- -(<7/0
(cm.g/t)
- (kg/t)
(cmJcg/t)
26-40
• 25-39
24-20
9-47
8-44 ;
7-67
774,000
763,000
3,084,000
163,700
164.900
657,600
0-211
0-216
0-213
28,371
26.357 -
101,951
20,880.
19,776
77,419
7,491
6,581
24,532
245
-. 374
619
7,736
6:955..
. 25,151
6,043
. 1,851
10^66
11
■
11
138
99
382
22
• 23
86
13,950
8^28
35,896.
433
- 316
1,315
1
1
e
14,382
9,243
37,205
7.524
4239
15,893
6.858
5,004
21,312
1.871
1,107
6,665
72
39
468
5
(5)
8
9,900
—
14.300
90
—
130
29
29
29
797
"30
1,693
—
—
2,536.000
,16.541
14,995
65,618
1,476
1,503
5,925
113
118
114
1.818
1,513
1,640
59-43
- 54-28
54-24
888
774
3,210
60-2
51-5
54-2
102
108
104
23-25
19-24
21-91
2,370
2,070
2,272
0-678
0-615
0-633
69-11
66-21
65-64*
Development Summary
for the three months ended 30 June 1377
Area
Pioneer Secondary
Lucas Block . . . 132 800
Southern Shaft . . 351 72-0
Oungij Shaft . . 150
South Vaal ... ies
Payable Per- Channel
mattes cents ge width
payable cm
87 *2-3 102
73
84
50 0
51-9
Gold
titanium
125
141
a/e on-a/e
33-28 . 3.395
43 84 3,190
21-5* 1.812
19-47 2436
16-33 2305
kglt cmlg/t
0- 735 74-98
1- 223 89 31
0-597 60-14
0564 7056
0-627 88-54
Totals 868 60-2 102 23-26 2£70 0-678 69-11
Ore Reserves 30 June 1 377
Tans
Stops width— cm . .
Value: gold— g/t . .
cm.g/t . .
uranium — . .
k0/t . .
emJcg/t . .
Available
Unavailable
Total Mine
4,709,638
147
1.731.785
147
6,441.423
147
13-00
16-86
14-04
. 1.913
2,476
2,065
0-402
' ' 0363
0-392
59-20
53-30
57-81
Pay limit related to a gold price R3,91 4/Kg ( 8140 /oz).
PRODUCTION (GOLD) .
Gold production was 1 50 kilograms higher than In previous quarter
following an increase of 12,000 tons milled and an improvement, m
recovery grade. _
Jhe higher production coupled with a better. gold. price resulted in an
increase of R2.Q1 4,000 in revenue from gold. .
PRODUCTION (URANIUM)
Although uranium production remained steady, the income derived from
sales increased by R4-20 million due to higher prices being obtained
from sales during the quarter as well as back payments an previous
deliveries.
WORKING COSTS
Working costs increased by Rl ,104,000 mainly as a result of an increase
in Black labour complements; additional payment* related to the new
1 1 day-fortnight introduced during the quarter end higher cost of stores
and electric power.
CAPITAL EXPENDITURE
The main items were related to ancillary work at the site of the new
Strathmore sub- vertical shaft, refrigeration Installations and Metallurgical
plant.
On behalf ofthe board,
F.C FRITZ Dkocters
P.J.THERON
GOLD MINING COMPANIES' REPORTS FOR THE QUARTER ENDEDpa JUNE 1977
AH companies mentioned are incorporated in the Republic of South Africa
7*W:
•/in--..
STILFONTEIN
GOLD MINING COMPANY LIMTTED
6 months
^Mded
Issued Capital — 1 3,062,920 shares ofj>0 cents each.
Operating results
(0
(ff/t)
(fl>
Stilfontein Ore milled .
Gold produced —
Stilfontein ore . .
Yield — Stilfonlein ore
Working revenue per ton
milled '
Working cost per ton milled(A)
income/ (Loss) per ton
milled (ft)
Financial (R'OOO)
Working revenue . . (gold)
Working costs ... (gold)
Quarter ended .
30 June 31 March
1977 1977
469,000 450,000
GQaWe
eel[«77
949.000
(kg) 3,905-888 4,0491 24 7,955-01 2
8-33
9-00
8-66
32-99
34-27
34-24
34-23
33- 60
34- 25
(1-28)
0-01
(0-65)
15,472
16,073
15,409*
15.403J
?QB81
11*76
Income/ (Loss) . . .
State aid
Income on sale of acid
(gold)
Income at mine . . . . * .
Net additional revenue . . .
Less interest .......
Income before taxation and
State'sshare of Income . .
Taxation and State's share of
Income
Income after taxation and
State's share of Income .
Capital expenditure . . . .
Trade investments . . . .
Dividends: declared . . . .
cents pershare. .
Loan repayments
Loan balance outstanding : .
.Loan levies. .
Capital expenditure
commitments . ....
Capital expenditure for
. remainder of year ....
Development
Advanced ...... (m)
Sampling results: Sampled (m)
Channel width .... (cm)
Average value : Gold (cm.git)
• Uranium (cm,*g/f)
Payable :
Metres (m)
Percentage . .
Channel width .
Value: Gold . .
Uranium
. -(cm)
- (pit)
(cm.g/t)
. (kg/t)
. . (cm. kg/t)
Development Summary
for the three months ended 30 June 1977
Total Development
(601)
1,854
11
to
-* X
f&5)
$s
1.264
964
^228
151
135
-v286
39
33
*72
M
1.376
1,066
61
57
.■ 7 % 8
1.315
1,009 -
397
442
^Q9
(13)
•-.CD
(19)
1,437
—
1,437
n
—
11
103
— -
103
1,112
1,215
1,112
9
8
17
—
—
82,000
—
-- 2^53.000
5,202
5.013
10,215
810
1^42
2,052
25
25 -
25.
1.187
1,141
• 1,159
17-39
17-06
17-19
432
612
1,044'
53-3
49 3
50-9
18
20
19-
105-1
92 3
97i
1.881
1,856
1 .866%
1-274
1-198
1-236C
22-81
23-96
23-49T
4
Channel
Metres Metres width
Reef advanced sampled cm
Vaal 767 673 17
Vsntend«p Contact — — —
Commonoga . . . 137 126 68
Livingston* . . . 5 6 83
Total
Gold
Uranium *'/?>
Value
fttt cm .0 T
82-1 1,357
Value
kglt cm kgt
1-058 17
24
00
163
0
0-138
0 384
... 909
Payable Development
810
25 45-7 1.187 0696 17-1
Raef
Vaal
Vamarcdorp Contact
Commomg* ....
Livingstone - • .
All Reefs . - -
Per- Channel
Payable cartage width
metres payable cm
432 63-7 1 8
Gold
Uranium
Value
git cm pit
105-1 1581
Value
kplt crrkgR
1-274 22 81
432
533
18 1051 1.881
1 =74 22^
PRODUCTION >:
The lower average recovery grade for the quarter resulted in a decline ol*
1 43 kilograms in gold production as compared with Hut of the previous?
quarter, but the higher gold price realised raised the working revenue by$
Ft 63, 000. This in turn, was reduced by higher working costs due mainly?
to an increase in Black labour strength and costs involved in the 1 1 day-
fortnight ^ _
CAPITAL EXPENDITURE
The main capita! expenditure was in respect of underground refriger-T
at km, development into the eastern zone of the mine end pumping:-
arrangements.
On behalf of ihtr board.
J.C. FRITZ Directors
D.G.MALAN -
WEST RAND
CONSOLIDATED MINES LIMITED
Issued Capita! — 4,250,000 shares of Rl each
25,000 deferred shares of R2 each.
Operating results
Quarter ended
30 June 31 March
1977 1977
Gold Section
Ore milled ex underground (/) 168,500
Ore milled ex surface dumps(f) —
6 months:
ended {
30 June
1977:
186,286
37,714
354.78S
37,714'
Total ore milled .
Gold produced
- W
ex surface dump . . . (kg)
Totalgold .......
Yield
ex underground sources (g/r)
ex surface dump . . (git)
Uranium Section
Ore to Stockpile. ... (0
168,500
224,000
392,50*.
1 JJ56-210
882-217
29-000
1 .938-427 .
29-000:
1,056-210
911 217
1,967-427
6-27
4-74
0-77
546;
077.:
—
—
task,
Gold. .
Ore milled ex underground (0
Ore milled ex stockpile . (t)
Total ore milled .... (f)
Gold produced ... . (Ag)
Yield (g/t)
Uranium
Tons treated . . .
Uranium produced
Yield . . J . .
214.000
214,000
135-790
0-63
. - (?)
- - (kg)
- (kg/t)
211 /WO
60,764
• 0-287
Financial (R'OOO)
Working revenue .
Net revenue . .
. (gold)
(uranium)
Net revenue (acid and pyrite)
4,753
5,603
1
Total revenue ......
*Working Costs:
Underground operations . .
Per ton milled . . (ft/ ton)
Surface
Per ton milled . . • ( R/ton )
10,357
8,910
23-29
Total Working Costs . . . .
Total per ton milled (R/ton)
8,910
23-29
tncome/(Loss) ......
State aid .
State aid 1 976 adjustment . .
Net additional revenue . . .
1,447
• 129
463
103
lncome/(Loss) before taxation 2,142
Taxation . . • Cr 23
Income/ (Loss) after taxation
2.165
^Excludes uranium treatment costs
Capital expenditure
Unlisted investments . . . . ; ‘
Dividends declared : .
Ordinary: amount ....
Cents per share ......
Deferred .-amount ....
Rand per share
Capital expenditure
. commitments
Capital expenditure for
. remainder of year ....
Development
Advanced . .
Gold Section
Advanced . .
Sampling results:
‘ Channel width
Average value
Payable:
Metres . . .
Percentage
Channel width
Value . . .
391
(SO)
199,000
413,000
199,000
147-733
0-74
41 3^000
283-573
0-69
200,800
58,528
0-291
412200
119232
0-289
4,024
2,720
1
8,777
8,323
2
6.745
17,102 '
7.978
20-71
284
7-53
16,888
22-00-
284 :
7-53
8.262
19-53
17 , 172 :
21-32
(1.517)
1,273
123
(70)
1.402
463
226
(121) 2,021
— Cr - 23.
(121)-:
2,044
• - • 347 *';
-*1^738 ;. J
SOUTH ROODEPOORT
JfgAIN REEF AREAS LIMITED
Issued Capita ! — 1 ,420, 6 63 sh ares of 56 cents each. '
Operating results
• -I/;,*
Quarter ended .
12 months
ended
Ore milled
.... -(f)
Gold produced .... (kg)
Y&d ...... (g/t)
l^dtiong revenue per ton
, ^milled (ft)
iffipddng cost pertonmilled(ft)
Lgssper ton milled . . - .(ft)
racial (R'OOO)
irig revenue .
ring costs . •
Slate' aid
Net additional expenditure .
i ; Income/ (Loss) before taxation
''Taxation ........
. Income/ (Loss) aftertaxation .
\<50)
128
3
42
1-70
- - - (">)
3.352
3,358
• (m)
: Sampled (m)
. (cm)
(cm.g/t)
1,160
, 393
87
1.851
1,325 / 2,485
231 624
68- 80
1,3.73* 1.754
(m)
. (cm)
- (9/t)
(cm.git)
152
3S-5
91
32-31
2,937
111
48-1
78
27-34
2,131
263
42-1
86
30-36
2,596
Uranium Section
Advanced (m)
Sampling results : Sampled(m)
Channel width . . . (cm)
Average value:
Uranium . . . (cm.kg/t)
Gold lemg/t)
Payable:
Metres ....... (m)
Percentage
Channel width ... (cm)
Value : Uranium ... (kg/t)
- - (cm.kg/t)
Gold .... (g/t)
. . . ( cm.g/t )
2,191
718
44
2,033
663
48
4,224
1,381
46
55-75
134
71-02
152
63-08
143
376
52-4
45
1-822
81-22
4-49
200
422
63-6
46
2-074
95-77
3-38
156
798
57-8
46
1-953
88-91
3-88-
177
Development Summary
for the three months ended 30 June 1977
Gold Section
Reaf
MoinRerf .......
South Reel .......
Livingstone R«ef . . . . .
Kimberley Reef . . . . .
VcntorSdotp Contact Reef .
Payable cvntage
metres payable.
48 6(i 7
Per- Channel
Wichh
cm
81
Value
git cm pit
27-11 2.203
104
32-2
95 34-37 3.277
Totals
15
2 ;
38 5
31
32-31
2,937
Uranium Section
Per - Channel
Uranium
Gold
Payable cartage
twpM
Reef metres payable
cm
Igir cm. knit
Pit
cm.git
WhiraRoaf. ...
16
314
36
0-574
55 41
14 68
1,416
Monarch R«f. . .
194
52-0
24
3272
7838
BOO
120
lip par Monarch Roof
Zone 2 ... .
129
45-7
59
1-470
S6-94
2-09
123
Upon Monarch Reaf
Zone 4 ....
37
Ml
7 a
1-124
B7-94
4-38
342
OlhoJ BeoJa ...
—
—
—
—
—
—
—
Totals .....
379
524
45
1-822
SI -22
4-48
200
PRODUCTION- (GOLD SECTION)
The tonnage nulled ex underground sources declined by 17.800 tons
and the supply of ore from the low-grade surface dumps was dis-
continued.
The gold sales increased by 145 kilograms, as it wds possible to be
more selective in the areas mined.
PRODUCTION - (URANIUM SECTION)
The increase of 2,236 kilograms of uranium oxide produced was due to
the increase of 1 0.500 tons of ore treated.
WORKING INCOME
The increase of R729.000 In gold revenue was due to a higher gold
price and increased gold safes. The increase in uranium revenue of
R2, $83,000 reflects spot sales in addition to commitments.
The revenue derived from current spot sales Of uranium oxide should not
be seen in an over optimistic light as these sales have been made from
the existing stockpile.
Tho increase in working costs of R648.000 was due mainly to the
higher Slack labour complements, electric power costs, extra cast ol
pumping extraneous water flowing into the mine and additional pay-
monte related to the 1 1 day-fortniglH.
CAPITAL EXPENDITURE
The main capital expenditure was in respect of the recommissioning of
the lower levels of the Monarch Shalt lor exploitation of tho Bird Reefs.
On behail of Uw board,
AW. 5. SCHUMANN Directors
J.C FRITZ
.“CBpijtffl expenditure . .;
^tiivkfehdB: declared . . .
V', -pershare (cents)
Capital expenditure
cof
Dcnrslopment
1‘ Afdvarfced w«~‘. . . (m)
/Sampling results; Sampled(m)
/ Channel width
Average value *
Payable:
Metres .
Percentage .
Channel width
Value ...
-(cm)
..(cmy/t)
. - - %)
. (cm*
- (9ft)
(cm^/t)
30 June
31 March
30 June ..
1977
1977
1977
55.000
48,500 2^40.000
281*154
284-467
1,228-081
5-11 :
5-87
• -5-25 .
19-93
21-50
17-88
22-04
• 23-34
' 22-96
2-11 '
1-84
• e ‘
5-08
1,096
1,042
'• • 4,183
*U212
1,132
;■ 5,372
116
90
1,189
271
. ' 236
1.042
27
- 20
90
.■ 128
126
! (237)
128-
126
(237)
23
■ 4
31
‘ ' ' —
• ' —
• '
1.000 :
589
85
- ;;r i,596
273
72
626
153
" 99-
- 121 ■ ,
757
675
669 -i
’ 40
17
82
14-8
22-9
13-2
166
109
122
10-75
- 13-65
12-02
r. 1,790
• 1,481
1.469
I4k^
MIX
ilders
i
■•I +■_-
*- .
Development Summary .
for the three months ended 30 June 1977
• *:■
r •.
Total Development
Reaf
Vemersdorp Contact Reef
Kimberley Reef
Mopes
advanced
E3
536
Metres
sampled
46
227
Channel
width
cm.
116
168
t.
■ ITS i
Value
g/t cm.g/t
7-00 815
4-45 • 745
Totals ........
589
273
159
4-78
757
Payable Development
Per-
Channel
Payable
centege
width.
Value
Reel
metres
payable
cm-
9/t
cm.git
Vismcrsdorp Contact Raaf
12
258
37
30-55
LI 42
Kimberley fleti - - * *
28
128
221
9-34
2063
-...-J"
..mKi
• .1
-j>i±
Totals
40
148
1GB . 10-75 1,790
0 re Reserves at 30 June 1977
'-die
- V
Lease Are* •
Tons . . . ,
5'opc v.-idth— cm -
Value :g/i . . . .
cm g/t. . .
Prospecting Aren
Tons . .
Slope width— on - ..
Value: g/t . .
cm.g/t. . .
Total Mina.
Tom- . . . .
SrooR width — cm .
Value :p. t . •
cm.g/t.'- - -
Pay limit related to
A (OMI of 37.000 tons
in tnc mine tOuL-
Vmiersdcrp
Contact Reef
Kimberley
Reef
Total Mina
37.600
105
11 23
1.182
23.600
.151
808
1,220
110^00
184
7-99
1.470
37.600
105
....... 11-23
1.182
a gold price of R3.91 4/Kg ( $1 40/oz).
M d value oi f 2-08 Qi : classified as unevtriablo is included
134,400
177
8 01
1.418
m > v
PRODUCTION
It was pqswbia during the quarter, by increased productivity. TO raise
tho mill throughput by 6.500 tons to 55.000 tons. The kilograms of gold
recovered, however, decreased slightly although a higher gold price
enhanced tfi* revenue. The increase in working costs must be viewed
in conjunction with the increased mill throughput and the significant
incrcasa in development.
DEVELOPMENT
Development increased sevenfold from 85 metres for the previous
quarter to 589 metres this quarter. Although the payability of tho
Kimberley horizon is low. it is expected to improve. The increase in
doveiopmantrewisnecessary to maintain adequate ore reserves.
capital expenditure
The capita* expenditure was for the mechanisation of tho Kimberley
horiion in thfl Ga'uff shaft area.
On behalf of tiw board,
A. W. 5. SCHUMANN
J.C. FRITZ
Directors
- r «L**|
*VT
notes;
■ # ^i. r,
• . k ■' ■
:
(a) Devekipmant values quoted above represent actual results
of sam^fing (no allowance having been made for any
adjusonepts which may be or were necessary) when ,
estimating ore rosmves at tho end ofthe financial year*.
; r #r :«V»
v
(b) AH financial figures are subject to audit.
■ 5 - -
Secretaries: General Mining and Finance Corporation Limited,
6 Hollard Street, Johannesburg
•• M
London Off tea:
PrincesWouse,
'95 Gresham Street E-W
20 July 1977
Av
Ci . ' '5? lc -
W v - ’^f.:
-: !l
C LU Ss
5 - 1 '|N»
i ¥ * ' ^ ' n ■
'FfeaStM lyn
r vioS AND DEALS : ^ -v;: ^ I
?h.-. \ t ,
re holders
gwooo wen up so
£2m. acquisition
Union Discount
peak profits
u°
25 . j
EXCEPTIONAL
MONEY MARKET
Adequate credit supply
5 S, ° r SSSW [ties held maturing local authority in the intertoann marKel ovei
’ hm \ 0a ** otheTiSid niimlSaS opened at 7-7*
Day-SSS !!!?/*“ ^Jj *!** 1 !»’ a _ modest SSL and ranged bet^een 4 P«
Wedgwood holding ol 118.500 10 per cent turnover in the region
> A/« • ... THE EXCEmnNAL f a „ in ob, ai n abte „„ ww assel , bm ' -iSSl , ^ ,,, SS ,i 5aS? i J2f*3B I>l & < &fSS« l 7Tq 0 %
***; ■* >/ H *B a^~f *B ^~W of the current vpar folinn'ml'^u tmrffnir^ ™l.* blc 3°<4 Day-SSjJ SSfPui?. 7 ^ _ I?"** was helped by a modes* SSI? aSTra aged between 4 pe
/I 1 "— ‘ T, /. III J%k lllllmll If 111 *ir->Mw/.i Curr f n ii year, followed by trading profits and veir 3 aod F ** 1 Wa « ‘n Rood noi amount of maturing Treawm? 2Sr and Tcer cent, for xnos
, Hi WmIII# lIVll U\f U s . tabl * conditJ “ ns . has capital profits because of the £f p J> ° *5* London money mar- bills, a slight fall in the mS STi^dav bJore touching 8 pe
A M V Dtscouat Company steep fall in the rate structure. ^ l ?“ Ufrtf l « r ' P^bably leading circulation, and fund scorn inci^o £„?* &r£* ” etosi. bu
L ,, ?* V? d £“i * t0 earn peak profits It was not until mid-May that *£_ a " «*«*» «n*lu» of funds on London across the forK J? n?^uWd2 per cent
reholders m Wedgwood holding ©I 112.500 10 per cent turnover in the region or r 7 m year , enfled June 30* the cost of the company's money ' h< ; {***'• hut the authorities did chartfee market finishiPS 81 „ . , . . nlere
-Mold yesterday by Sir Arthur second Cumulative Preference claiiM to be tte UJC's lareSt L 977 ^ A ? a resuIt J? 30 , UT ' ces n » w L etl bc J° w the current asset yield. no ' »*»«*«*. Discount houses paid 7-71 ner Short-term fixed Twriod^™
the chairman, that sales shares on July 7. extruder of genera! plasties ft S! Swim? * recl>rd IeveI - 016 However, unlike last year this Avenue paymenLs to the Ex- rent, for secured «U loans at S?e rates were slightly
W first quarter were 39 per London and Holyrood Trust: bought a factory at wSrsrilfc !T ” tate - ' Si-S^SK 8 an immediate *}£8ff* ®* cee<led . Covermnem the Mart, and dosing bafancel Rates in the table below ar
.ahead of the corresponding London and Manchester Aasur- near Chariot to in North Carolina , T*l e nct interim dividend is ™*?f n higher money market « iS hurscmems, ami the author- were taken at 8-81 per cent. nominal In some cases.
■1 a year ago at JHaJm. He ance Company bought Jfl.ooo 5 together with an additional 51 Wled 10 S-$P Up) per £1 share. I * t * s and then* has a run- noimnai m sm ne
;«id that, while it was too per cent. Cumulative Preference acres of adjoining land for 1116 absence of any unforeseen of J per cent, op . -.CSSiSSL.! im-tok , Au,h - «■««*■ wiejuunr, 1 Htigibie ( ' '
to talk in terms of profit shares (5.4 per cent) on July s, future expansion. The investment clr ourastanees the directors expect Treasury Bills for the last six i 3 ; ( ^ ,mcrt * nk , : «-'>nnnnv ' udut I Tmwny tank ^
. be three months. “It is Birmingham Mint: FinsbuS amounts in some MM 000 ai ?d 10 ^ a finaI to *"*<: the total weeks and more still on other * . Iw * ■»»»*■ . M ta» i I
My clear that it. will exceed Pavement Nominees* holding of production is expected to beidn In Payment the maximum permitted. uverqiehi - 2 8 ^7-Vsa - - ^7 — , i Z - '
considerable margin that of 105.000 shares (5-35 per cent.) early September. For 1076 a total of 18.8760 was bee Lex rgj v* : 7*a-7u _ _ _* _ , Z I — -
“.'ear." • will not be listed in the accounts paid from net proQt of £l.S 7 m. Statement Pa«i> _ ; owjj. ' ■». _
Rates In the table below ar
norainal in some cases.
. Mrrlint: ,
I'crttftmtMi Imcrtnak
1 1 A 1
- l/rii
Aiilliunu
1 Auth.
hunt*
L»ni|anv
Uopmlt*
; DlvutiBT .
Burlut iTreiiwry
KUslbie [ ", '!
Bulk Pin® Twd
Bins* ' BUI* 4^.
- considerable margin that of 105.000 shares (5£5 per cent.) early September.
,'ear/' • will not be listed in the accounts
■ •'ever. Sir Arthur warned ?5 * substantial shareholding as cci i\irnnn>p *mv >uuvhwvivh v> me vin.uvju lu ,„.. « « i^ /sg gfe-s 7saa t-i ■ a,” • ; 'ntm b-bib
deysite the group being 6D.OOO of these shares is held SELINCOURT BUYS Treasury Variable R^te slock has Wrountta.. 1 B * l 1 * i /i a i{* bSb -8 i 7 t| 8 i« J a 1 71? ?l2 7 ^" 7 * i 8ie-8i*
v - placed than most to with- on behalf of . Mr. C H. Perry, P r« T Ar provided an investment with a HDrrirnn P 7 ij 7 i‘ 1 '“’S * ; as*n 8i 8 - >< J _ , 7*iJiS • 7T- “** Bk-aij
' unnecessary burdens, “in- managing director, whose bene- Kt&T OF fair running return and little risk XlafTlSOIl & \K3fc” to- a 1 9 ; “?o s i fl 8 4 8,4 ’ - ! - * 1 - ! ast-aii 8 Sb-b»a.
V* accompanied by devaluing ficial Interests are stated in the MACDOUGALL ' of depredation, and the direptora — . .. , , b«»«r. .‘..ioi|. 9 ii 16101 *. iaioi H iouI£ l ait ’ - Z.-
ig (ineriuble despite North accounts. say they -have taken advantage f rncfiolrl iwonwwi, - - iiiu-nsn J 1 _ ~ ~ _ . _ ;
:ould defeat us all." ' Gordon "and Goteh Holdings: SeUncourt, - which in 1073 of this while the future trend V^I UaiJclLl 1 — ' 1 ■ ~ • ~ 1
Iswood also announces. a n' John - Meades ; (Holdings) has acquired a 58.5 per cenL- share- of interest rates remains hazy. . ... Local ooihontnw. ana nuance homes seven dav.- nn ti«. others e
nent to toy forSto, the fWjJrad an interest In a further holding in A-.MacDongaH and Co. Turnover throughout the busi- ShOWS BlfVRnPP w wars 13.131 lfl P( r ««.- r i e Hs m?rJ 1 2iiS R
l of Arthur H. Drew and 4ft - w>0 staria bringing, the total has acquired the remaining 435 ness has continued to be at a JUU 77 ^ <*U VdULc ^vuMcan- borinc raie for nnac v»ip«. Uus-iw xvn tw four-moDib tat* bins M|^ r ml: fw-SSiii nSe uwfi
irtin, which trade as the hoWin " t0 5hare s ; per cent, from the Industrial and very high level and the number Shareholders in h A pproximate selimB rate [or onwnontii Trea-urv hniQ-«.->
niths* and Silversniiths’ As- ' Holdings: Scottish Commercial Finance Corporation, of commercial customers has Crosfield were told 2Jk 1 pn ‘ nK - *9mamue »ih n^^te rur one- , r^m^ta^ hius ?* 255*: SSS
on-retailers of S^hta, 2MflL r 2ShS ol,,B total consideration of been increased. GHchXt
ery and gUiware at Oxford 5ll ° *** ^ rf tte rap,a1, £22,500 is to be. satisfied by the The directors decided at the yesterday’s annual TneSiiS that Depo * tt **“ mmU sum* a ^^^daS* Mita^uSrenL? 1 'a»i ” IMT ^ nl - lr «V ■'“‘f »• Iff77 - a f“'^SJ2£
, and as jewellers In Issue to ICFC of 128.572 Ordiw outset of the^ 'flret half m cany trading conditions in Canadalire EtBr - - Ktwju:d '"** *** dhc^ T.^Vr clMrh,s Baak »*« Rate rur rendins H Per ccdl irnmn
gton Arcade and at Norwich FSPERANZA STAKF shares at 17tp per share. a large book of money market *°°d and, despite some signs at — . •- . 1 _ i_
bw*-, « ZZt- T „ Application has been granted assets with an average life longer n a rrowbin margins in the Eastern T T •£ This ha^ rwaiitPrf , . . ' K „ *
-thirds or the consideration Espenuua Trade and Transport by The Stock Exchange Council than . customary. They also states, the compiaiy expects to JLOIIQ.OD Lltfi and f46 - 50 Previously, while an m.
- »n Wedgwood shares with has acquired 20 per cent, of for 12S.572 Ordinary shares to be increased holdings of Government do as well there in thecurrent VU XJ11C «.h«5 n vestor * aee ^^t.^ ouI, L pay -^^io
mainder in cash. Eavlroiunenlal Analysis, a pn vale admitted to the Official List. securities substantially. Thus year as in 1076 nromiiim ranee Hr I™ who,e year for M0JW0 cover over .10
combined pre-tax profits of company whose business is that they were In a position to earn L," ! , , preUllUni CUTS m some years against £44 previously. -
SSST 'S^SSVSSSi ST “H ASSOCIATES DEALS- fn^be BSSuT &2i ff5 I ^f e t5a| S0 ^ I f ti<,^, a lMd - Sr ^nmpetithr^^n^S^^arke^ iL°t"SoS SS SS
: Februarj' 28. 1977. though connection with the areiuisition. Siinon and Coals, an associate •?«* was especially rewarding. ““Paw. . * crapet ] thre m market commuLsion to agents, inter-
The introduction of the
S Treasury Variable Rqte slock has
provided an investment with a
fair run mag return and little risk
of depredation, and the directors
say they -have taken advantage
1973 of this while the future trend
Statement Page 26
Harrison &
Crosfield
shows advance
Uierqichl ' —
itayt imm... —
"i fitri ;f *
J oar* turtle*- . —
Onr month--.. 7tg7<«
T«u iDuntba... 75 b 5 kl
Inrw mnnihs., 7ii-7;i
•-IT mo nth 9 v7g
Xinrnmatfcs...
tliw «mr. 10 1 |.9fj
Wintri. —
. - j 7IR-71H
7Jfl7U ’ 714.75*
75b 51* i 71a
'rta8tH : 7 <b 8
c.,. 9! S SVBffc
9;..- 10 i a
loioig. 10 -IOIk
8fla-8
S5B -8
as* a
98ie
10 8 1 ?
10 U 93,
73b- 7* ' '75*
Tx -i 7a 4 75a
7*e 7**
- ! a&B-a^
8-8 *b
BUH35*
814-818
B 5s - 854 .
£1977
r.>*N
"^T;' *«« «w fixed. -LnnneMenn local anthortty
aftSSt" s * ttB r: “ e ,or nrtSc fSS.S55tt« «s
K SE SS Ztt±
« «_7- Application has been granted assets with an average life longer n a rrowmj* margins in the^ Extern T T •£ This has , ' K «, L,
of the consideration Espcranxa Trade and Transport by The Stock Exchange Council than . customary. They also states, the compiaiy expects to JLOIIU.OD Lltfi and JTh *?H^ pre *! d £*6-50 previously, while an nv
dgwood shares with has acquired 20 per cent, of for 12S.572 Ordinary shares to be increased holdings of Government do as well there in thecummt VU XJ11C premi^m^Sr^f 1 vestor , aee ^^.^ oul, L pay ^^in
in cash. Environmental Analysis, a private admitted to the Official List. securities substantially. Thus year as in 1076 nromiiim ESS'S _ who,e f <* r HOJWO cover oyer .10
ed pre-tax profits of company whose business is that they were in a position to earn L," ! , , preUllUni CUtS htfl! m some leans against £44 previously. -
l S^SVSS& c°h f em EtSfgA SST1S ASSOCIATES DEALS- fn^e KSnT fiiJS ffR m fe t 5a| S0 ^ I f ti<,1,, a lMd - St iL°t"SoS S SS
iry 28. 1977. though connection with the acquisition. simon an* Coal* an associate especially rewani ZZSS& commission to agent* Inter-
uxpects that this will Esperanza
I iubsiantially in lhe shares.
M financial year. The book
ft of the combined net tan-
^issets amounted to £303,000
bruary 28, after, dedocting
*0 for deferred tax.
SENGLO/PURBECK
Slitglo -HoldtnK 9 '‘has received
acceptances in reject of 168^51
Pndwdt Group shares.
38 sSSS SS™ a--™-
doing tahts- tables and current Invest- ^nisdow^reSltiS fflSS
ment and expenres e^eriencc. premium of £38 compared with premiums. T
• Pnrbeck Group shares.
The . number of Purbeck
. -iv 4RE STAKES Ordinaiy shares held by Singlo
V Blttoo: Tobermory Invest- before the offer period amounted
•> holds 731 001 accumulation to 192.000 and lhe number of
--! Purbeck Ordinary shares acquired
■:)* 4 h Borneo Petroleum SyntU- by Singlo during offer period by
Rothschild Investment Trust conversion amounted to 361,623.
iuced Its holding to 270,786 j*a« otUr has been,
extended and remains open fori
■ te Ish and Scottish Investors: acceptance until Jnly 26. j
J' i and Manchester Assur-
"r'o. has bought a further fANAniAN
-• 5 per cent Cumulative a r-vSr' ■
■nee shares making L1.15 PACKAGINO
it Canadian Overseas Packaging
... ard Technology Industries: Industries has increased its hold-
' ng completion of the ing in Dofaui .Packaging from
Wtion of Fons-ard Tech- 1.002.021 lo 1JHPJU shares by
(formerly Forward Tech- ihe purchase of 17,500 shares at
• Industries) on June 13, Mr. J8ip. This increases the holding
J is interested in 3.681,667 from 1IJS per cent, to 11.58 per
• and Mr. R. A Shuck Is cent. •
I;er interested in 5 per cent. .
— e of the shares. Following - r n ym i mrret
■le on June 18 , Mr. C U LB (FLAM 1C
.1 and Mr. J. E. V. Green— U^. EXPANSION. .
tees of Mr. G. S. J. Allen's Signs that the fragmented
— trust — are interested in plastics extrusion industry is
12 shares. Following the becoming- aware of market oppor-
i June 17 by Estate Duties tunities overseas have come with
nent Trust. Industrial and the announcement by L.B.
■rcial Finance Corporation (Plisties) : that it. is setting up a
•ested in 968.333 shares. manufacturing.. subsidiary in the
-• Wiggins: Co-operative In- U.S.
Society disposed of its U3. (PJ&stics), -.with an annual
—
-J
"■>;/ f ■
4f > >•
• -
, nn „ n nTW L, numerous legal and other difficul-
IdiIL.fi wllUo ties, would achieve the most satis-.
_ xwv • factory solution. ^ftry : o on c k iw6 n
- rhflfi niX :i - ' t0 tirese negotiations '.>bfls \been
"= nhllildpr^ ~ ‘"Rie receivi has now informed
T F MUlluWi5 - the bank .-tlttt because no agree-
akdown in negotiations. -meat has been reached with the
, Port of Jeddah Authority Port Authority who have not made
Arabia for the provision available*' any funds to enable
er cash to allow work .to work to continue, even on some'
i at a North Humbershide interim basis, he can no longer
on a £4im. order of six justify . the borrowing of ' any
.,r the Authority has. led further monies from the bank,
cutting off of • further The bank accepts this advice and
iank finance for the pro- is in agreement with the action
ork on the contract is the receiver' has now taken to
. - and the majority of Hie lay off fuilher employees at the
g 180 workers on the job Bevereiy shipyard .
be made redundant There has been considerable
Jre Bank, which -had put controversy about certain pay-
. .500 for the work when, meats abroad which the* Phoenix
17, it called in a receiver directors have said were in the
company, Phoenix Ship- range of £800^000-£lm. They have
of- ■ Beverley, -said -last -claimed ihat-the company’s affairs
— -it. on the advice of the can' only ' be understood in the
Mr. William Mackey, it context of these. payments.
~Vn : Efforts have been made through
- lx% beUered mat some diplomatic channels to sort out
, £S*^M at to“SI-Sf »3S& S gJ^ B 5Jg&
he bank, including ythe J&daKw- l^apSmSf^
^ement Trom Yorkshire ' rece ^ vef -
l night referred to its
’fa?. DIVIDEND
was in arrears with ' A M END ME NTS
mients for the project ' ABltm/BiLi
• i that no monies had- -The following companies have
aired from them since amended their dividends cun-
nunent of the receiver, sequent upon the recently
lnued: “The bank ■ has ; announced change in the income *
tiiable to. the -receiver lax rate to 34 per cent. _
appointment a further Hartwells Group, final 2J725p
ttantial sum. This has net per 25p share, making 3£|775p
vork to. continue while (3.575p) for year ended February
•er sought a settlement 28. 1977. . j- '
'ort Authority and other - ' Uncroft KUgonr Group, interim
volved in the contract IJJSp net per lOp share for year
king into, account ..the to September 30,. 1977.
-,-'■4 ■
"V"
‘rHA
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vjir ■
: *-Y ■ ■
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pi:
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' f •" ‘
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‘ •- -
* *. * -
* :•
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Z*r.
...» ..
ERTAINMENTS GUIDE (Cent.)
i of the receiver and'
fact that the Port
was In arrears with '
■onents for the project
i that no monies had-
theatres 1 cinemas
OYM. »nshrtrt E.15 (334 I CAMtm*. Pt-AXA. pkjrKjen HlBh W. lota. 1
B BrwhN-d CoJh-oc preuii its j Camden Town Tube). <H5 2443 . Aimji
J what a bloopt circus j Tinner 1 * the mi dole. <m- the worlu ;
swr Bordel). . To.iriBht.. . Fn.
5i*CE CcT 834 1317.
Wed 4Ud Sat. G and BAS.
Kt from Us vopa*
f VEGAS FOLLIES T7 .
LITTERING exotic
CE S P ECTACULAR .
01-836. 6808. ROYAL
RE COMPANY small aual-
■« Doomar Theatro Earlham.
MtodBii.
*Aqn=S>? out)
IX). Prog*. 4.TS. 6 30, 8^0.
CURZON, CKzan Street. W.l. 499 3737.
Alr-Condltloned. BOBERT ALTMAN'S
3 WOMEN lAAi. Snowing- at .1 .SO- (not
Sun-i. i-O. 6.15. 8-40- ■ ,
LEICESTER SQUARE THEATRE «30 S2S2)
A BRIDGE TOO FAR- (A) S«p oroof Wfc-
11.46 am. ' 3.45. 7 AS. Sjm. 3.00. 7JSOr
Late show frl. and Sat. 1*1.46 »rm. Unifl
Wed 3rd ABB. From ThUrt 4th Aug. Seo
proas wk. 3.00. 7.45 . Suit 3J10. 7 4S.
Late show Frl and tat IMS AIL SEATS
MCBLE m JAOVANCE b/ TOSt or It.BW
OfliW. • • •
ilJO. Advanced booking ODEON LEICESTER SQUARE (930 61111
fve y ly . Dav Of Jierl. sots ROGER MOORE AS JAMES BOf*D 007
‘•ve only. Day -Of pert, m t* ROGER MOORE AS. JAMES so» 007
T 1.00 then Warehouse IrOffl THE SPY WHO LOVED ME lA) Sep Pcrf*.
- 1 ■ 1 10.30 (not Sun). 1-40. 4 JO. 8.05 Ute
I. 63L1 0283* Evas. 8.00. Show 11 AS P- 1 *- 'Not* SunJ All seat*
nd 8.15. mL. wUL M ■fcgfcWf.tt. ^ ° HICe
iRBARA MULLEN e«CB8t 10.30 am. thow. , _
«3N. JULIAN HOLLOWAY OOEON MARBLE ARCH (723 2011-2) A
5IC AND OLD LACE BRIDGE TDD FAR (A) Sep oroos Wk
lassie Comedy Thriller 3.00 7.45. Late show Frl -and Sat 11-45
“CCT 01-930 6692-7765. wn ALL SEATS BKBL1 IN ADVANCE-
5*84. 8.15. Frl. and Sat. prinCE CHARLES. Ink. Sq. 437 81 8T;
0. FIONA RICHMOND •• in- LW 2 Royal pum« ^TS&fr
9 latent- Ev. std. DIVINE a Crew. PRIVATE. VICES » PUBLIC
•ante of outracegns .virtues CX). Sen. Parts. Dlv. flMi.Sun-)
_ IN THE OUTRAGEOUS 2.4S. 6.15. 9.00. Lit. ShW/rt. A W*.
OMEN BEHIND BARS with 1-145, Seats BkMe. L£d I Bar. F^m
JAM “ upstafllng everyth l"B Aob. -4 Fellini'S CASANOVA CX). BW
T. and HIGH-POWER CAST Office Non Open. -
s *to SST* 'SSS? . « * LE,c SQ - f wABDouB 5TJ
SCENE 47 ?.’ T«E SnfWMnWALklR OC1.
ssw-to s^^oSr 2 -
IC EXPERIENCE OF THE Fit,' S Sat- 1 T.2S.
.MODERN* ERA ’ 1 5IUDJO 1- Qrtlord Cht M. „
norece dented Hmlls what is YHe MESSAGE IA». , MB** Vertfan.
m our staen.” Ew. New. SS /S^.Seata 13-30- 4-lS.
smoke and drink tfl the ■ nw - suns. 4.1C. 8- 00-
Auditorium. - ■ i nu mni 'cii-eu-T 437 5300-
3028. Mon.. Frl. flLDC.
I B^a MiHruMK wed.-iloq. . sea. Perts. JM"-
FKzoIbbon. Gay Soper. . 7 J0‘. Sun. 3-45. 7.M.
9 latent. “ Ev. Std. " DIVINE
omen behind bars with
-1AM “ upstaolng everyth In B
T. and HIGH-POWER CAST
\2**:
\ uJF • —4^"*- _
4CATRE. CC. 437 6312.
1 fitly at R.OO and 10.00- -
RAYMOND presents - *
Rff OFF
IC EXPERIENCE OF THE
. .MODERN* ERA - 1
norece dented Hmlls what Is
' m our stagn. 1 * to. News.
- smoke amf drink m the
. Auditorium.
838 3028. Mon.. Frl. 8.00.
1 830- MiHnws Wed.-Hofl.
FKzHlbbon. Gay Soper.
•' h and Rotria Ray In the
. IL1IANT MUShJm.
TAIN MENT." People.
■»V SIDE SONDHEIM
■ CE- S. Morley. Puneh. „
TIMES." -sT Barnes. N.Y.T.
[hy Wd VI41. 928-6363.
KENCRRNTX & GUILDEN-
bEAD.
CINEMAS ‘ „
SHAFTESBURY -AVt «ML
-ert»T ALL SEATS fKBLE.
I BORN (AA). Wk, A Sun.:
.10 oast 6 daw). _ ,
ABIts tAJ. Wk. A Sun--
5B.2Q.
CLUBS
RVfi. 189.- Rwwt Street. 734 Q557. A \\
Cane or All-in Menu. Three Soeoacular
Floor Shows 1 0^tS. 12-45. ana
music er Johnny Hawfceswarth A Friend*.
-•GARGOYLE.- 69 Dent StrreL Lortton. .yr.lT
NEW STRIPTEASE FLOORS HOW
THE GREAT BRITISH STRIP ■■
' Shows 'at Mlrfnlaht al» 1 am. Hostents.
Mon.-FrL Closed Saturdays. 01-437 6486
Union Corporation
Group
Directors' Reports of Gold Mining Companies
for the quarter ended 30th June, 1977.
ST. HELENA GOLD MINES LIMITED
Issued Capital R9ff2S.OOO in shares of R1 each.
KINROSS MINES LIMITED
Issued Capital R1B.OOOJXK) stock in units of fil Bach.
LESLIE GOLD MINES LIMITED
OPERATING RESULTS:
Quarter
ended ended .ended
30th June 31st Mar. 30th June
1977 1977 ■ 1977
- Oramided (t) 490.000 530,000 , 1,580.000
Gold produced -kg. 4,704 5.300 16500
XWd-{B/t). 7 9-60' 10-00 1044
Revenue ppr ton milled R37-29 R36-59 R37-48
Cost per ton mined R20O3-" R16-75 ' R17-10
Profit par tppwwllad R17-2& .. R 19-84 JI20-38
Workmg revenue R1B274.000 R19^9Z0Ob ' R69^2S.OOO
Working coin ' R 9,81 6,000 R8.S7B.O0O R27.027.000
Wodcing profit R8.458JU0 -R1 0^16,000 R3Z.1 99^000
. N ui sundry revenue HI 81 ,000 R317J3DO . R 666,000
PROFIT before taxation ami .*
feasaconsideratkKi R 8,639.000 R10.B33.000 R32.854.000
Taxation and lease consideration R 3, 603. 000 R4.02 5,000 R12JT7.000
"PROFIT afteruxation and . .
lease ccmsicferatlon R5.036.000 RS^OOOOO. R19J937JM0
Capital expandhurs B2.254.M0 R 3,604.000 R1 030 9.00 D
Phridend declared ' R5.775.000 R5 ,775. 000
Loan levy (recoverable) R42Z000 R47&000 fll^27.000
DEVELOPMENT (Basal ReeQ : *
Advanced (m) 1.692 1^66 5,261
Sampling results: •
Stnroted(m) 393 - 236- 1,028
Channel width (cm) 105 . 75 86
Av.va<UB:g/t 7-3 7-3 . 12-8
Cnlg/r 762 550 1.103
Payable:
Percentage 22 - - 9 28
Channel width (cm) .108 41 75
Av. value: g/t 13r3 j * 44-3 33-1
Cm.g/t . 1y«3. 1^816 2.480
Dividend
, Adhmlrtnd of 60 cents per share was pahJon13tfi May. 1977.
Capiral Expenditure •
Com mltmenisln respect of contracts placed' R91 6,000
Amounts approved In addftrmiooommiMMms R2.002.000
General .
During April the recently negotiated eleven-shift fortnight was introduced.
The irthfal results indicate that productivity has been adversely affeoed.
However, at this aarfy stage It is not possible to assess the full implications of
this worit pattern.
Quarter* Nine months
.ended
30th June
1977
1,580.000
16500
10-44
R37-48 .
R17-10.
J120-38 i
OPERATING RESULTS:
R181.000
R858J000
R 8,639.000 R10.B33.000* ff32.854.000
R3.S03.000 R4.025.000 RIM 17. 000
BRACKEN MINES LIMITED
Issued Capital R1 2^00,000 In shares of 90 cents each.
Quarter
ended
30th June
1977
Oramided (t) 390.000
Gold produced- kg. 2.364
Yield -(fl AO J 7-60
Revenue perton milled . ■ ' R29-71
Cost per torirraHed R15-52
■ Profit perton rrefled R14-39'
..Y^ariswgreveripe R1 1^87,000
Woricing costs R 8,054.000
Working profit R 5. 5 33,000
NmsurafayrevBmie R141.000
PROFIT before taxation and
leaep consideration R 5. 674.000
Taxdiionand lease considoradon R3.141.000
PROFIT after taxation and
Quarter Nine months
Issued Capital R 1 0,400.000 in shares of 65 cents each.
ended ended ended
30th June 31 si Mar. 30th June
• 1977 1977 1977
390.000 360.000 1,100.000
2J364 2.736 8,430
7-60 7-60 7-66
R29-71 H 28-71 R28-33
R15-52 R15-50 R15-40
R14-19'; ' R13-21 ; ' H12-93
R11387.000 R 10,334.000 R31.166LOOO
R 8.054.000 R 5^78.000 R 16^37.000
R 5. 5 33,000 R4.756JXX) R1 4^39,000
R141.000 R2S1DOO R 404,000
R5.007.000 R14.713.000
R2.6S3.000 H8D1H.OOO
R5,036,000
R6J30e,000.
R19J37JJOO
lease consideration
R2.5 33.000
RZ.354,000
R6.69S.000
KZJZSBMO
R 3.604,000
dc nR nm
R1 0^09.000
DB-T/K fWV)
Capital expenditure
Dividend declared
R 293.000
H5B8.000
R? innnnn
R1. 329.000
Bj titniinn
R422JUO
n3i f r9|UW
R47&000
rWr# J 3|VW
fll^27.000 ,
Loan levy (recoverable)
DEVELOPMENT:
R354.000
R 298. 000
na.! 1 WfUUU
R902.000
1J592
1^66
5,261
Advanced (m)
Sampling results:
1.631
1,023
3,701
393
236 .
1.028
Sampled (m)
418
279
' 1,215
105
■ 75
86
Channel width (cm)
32
30
36
7-3
. 7-3
12-8
Av. value: g/t
32-0
461
31-2
762
550
1.103
Cm.g/t .
PayaWer
1.024
1384
7,124
22
9
28
Percentage
61
71
64
106
41
75
Channel width (cm)
33
31
. 39
13r3
- 443
33-1
Av. value: g/t
41-1
55-1
37-5
. - .. -1y«a
1,816
2.480
Cm. g/t
•• Dividend ■
1.355
1.709
1.482
- OPERATING RESULTS:
• Ore milled (t)
Gold produced— kg.
Yield- (g/t)
. Revenue perton mlDed
Costper ton milled
Profit (Loss) pprtorr'miHad
Working rtAiiua
.Working qasts
Working profit (loss)
Net sundry revenue
PROFIT (Loss) before taxation and
lease consideration '
Taxation and lease consideration
(overprovbion)
PROHr (Lossl after taxation and
lease consideratton
Capital expenditure
Dividend declared
Loan Idvy (recoverable) .'
(overpravision)
DEVELOPMENT:
Advanced <m)
Sampling msulis:
Sampled (m)
Channel width (cm)
Av. value; g/t
Cm. g/t -
Payable:
Quarter
ended
30th June
1977
217.000
1,042
4-80
R19-38
R19-01
RO-38
R 4^07,000
R4,1 24,000
R83JKX)
R 21.000
R1 04,000
Quarter Nine months
ended
31st Mar.
1977
210.000
945
4-50
R17-10
R18-88
R(1-78)
ended
30th June
1977
672.000
3.139
4-67
R17-33
R17-49
R(0-16)
R3^90,0Q0 R1 1,646, 000
R3360.000 R1 1,753,000
R (370000)
R1 36.000
R(234J300)
R (36,000)
R(1 98.000)
R (5,000)
R(1 07.000}
R 191 .000
.
Quarter
Quarter
ended
ended
OPERATING R5SUCTS:-
30th June
31 st Mar.
1977
.. 1977
Or* miltod (t)
210.000
216.000
Gold prodacad- leg.
1,386
1.490
YiNd-(g/r) .
6-BO
690
Revenue perton mRled '
R26-60
R2B-11
Cost perron nrifled
' R16-82 ,
R15-87
Profit per top nyftad
R9-78 ’
RIO-24
ended
30th June
.. . 1977
661,000
4.616
6-98
RZ5-77
R .15-60
RIO-17
Dhridend of12 centa per unit Of Stock was paid on 1 3th May, 1 977.
No. 2 Shaft
Progress of the main crosscuts north from 12 Laval down to IS is being
hampered by intersections of water.
Excavation of the 12 Level hoist chamber Is in progress and’equipping of
stations below 1 5 Levd has commenced.
Capital Expenditure
Commitments in respect of connects placed • • R 36.000
Amounts approved in addition to commitments R 3. 185,000
General
During April lhe recently negotiated e/evon- shift formrghi was introduced.
The initial results indicate that productivity has been adversely affected.
However, at this early stage it is noi possible lo assess the full implications ol
this work pattern.
THE GROOTVLEI PROPRIETARY
MINES LIMITED
ChannAwiehh (cm) 37 30 29
Av. valu^;g/t 33-8 * 31-1 37-3
Cm.g/t 1.250 933 1,082
Generri <
' Durtrtji April the recently negotiated Meven-shift fortnight was introduced.
'The nti^al results Indicate that productivity has been adversely affected.
HowwMt at This earfy stage it is not possible to es8ess the full implications of
lhoworkpsnem.
WINKELHAAK MINES LIMITED
Issued Capital R2^59,704 stock in units of 25 cents each.
OPERATING RESULTS:
R 5,639,000 R17XI36.000
R 3.428, 000 R 1 0.31 0JX)O
R2.144JJ00
R2.21 1.000
R1 88,000
R2. 399.000
R1. 405.000
R6. 726.000
R 3 77,0 00
R7.103J100-
R4.1 45,000
891,0.000 R994.000 R 2^58.000
R134JW0
•R 1,820.000
R 152.000
RT.B20.000
R4 50.000
Working revenue R5.58CJWO R5.639.000 R 17.036.000
Working costs - R 3.533. OOQ R 3.428 ,000 A 1 0.31 0.000
Working profit R2.053.000 R2.21 1.000 R 6. 726.000
Netaundiyretwnue R91.000 R1 88,000 R377.000
PROFTT before taxation and
lease consMeration R 2.1 44.000 R2.39S.000 R 7. 103.000
Taxation andleasa consideration R1 ^34,000 R 1,405,000 R4.1 45,000
PROFIT aheriaxation and
- lean consideration R910.000 R994.000 R 2.958.000
Capital experufiture ! — — ; 1
Dividend declared -R 1.820.000 RT. 820. 000
. Loan Levy (recoverable) ’ R134JW0 R1 52.000 R4 50.000
Dhndend
Dividend of 1 3 cents per share was paid on 1 3th M ay, 1 977.
General
The mine has reached a stage where the remaining reserves are largely
composed of pillars of short face length. This has Inevitably resulted in a
reduction In the ot« available for mflting.
During April the recently iWflO fi BBd eta«3«~6hift fortnight Wtt introduced.
THe initial reeuhs indicate that productivity has bean adversely affected.
However, at ihfe earty stage it is not possible to assess the fun implications of
this worit pattern.
NIARIEVALE CONSOLIDATED
MINES LIMITED
Issued Capital R2J280D00 In shares of SO cents each.
Quarter
ended
30th Juhe
• 1977
Ore milled (1) 360,000 345.000 705.001
_Gold produced -kg. 1,584 1,518 ■ 3.101
0fMd— (g/t) 4-40 4-40 4-41
Vtemnue per ton milled R17-29 R16D8 R16-7I
Cost per ran milled . R12-76 R12-70 R12-7I
Profit per ron milled R4-53 R3-38 R3-9'
Working revenue RB. 226. 000 R5.54B.OOO R11.774.00t
Woridng costs * R4.593.000 R43SO.OOO R8^73.00C
Working profit fU. 633.000 R1. 168.000 R2801.00(
Net sundry revenue R11.000 R 20.000 R31.00C
PROFIT before taxation and
i Base consider atinn R1 .644,000 R1 .188.000 R2.832.00t
Taxation end lease consideration R831.000 R6 73.000 Ri.404.001
PROFIT after taxation and
lease consideraticm R 81 3.000 R 615.000 R1.429.00C
Capital expenditure
Dividend declared. H 572,000 R572.00C
Loan levy (recoverable) R1 14.000 R78.000 R 192,006
DEVELOPMENT (Kimberley Reef) :
Advanced (m) * 500 454 954
Sampling results:
Sampled (mj 342 369 , 71 1-
Channel width (cm) 35 32 34
Ar.vahjeig/l ' 15-5 21 6 IB-2
Cm.g/t " 641 690 618
Payable: •
Percentage 33 44 39
Channel width (cm) 43 40 41
Av. value, g/t 24-1 23-6 20-8
- Cm.g/t ■ -1.035 1 1.144' 1.099
Dividend
On TOTh June. 1977. Dividend No. 77 of 5 cent* pm unit of stock was
declared payable to members registered ar 1st July, 1977. Dividend warrants
wHJ be posted on oraboutAifi August-1 977.
Reduction of Capital
The reduction of capital of 5 cents per- unit of nodr auihorised by members
on 24th May, 1977. has received Court approval. This amount will be paid on
or about 4 til Aug y a 1977,
East Rand Gold & Uranium Company Limited (ERGO)
ERGO has been granted the right to remove and treat 'this Company’s
s&ms dams. In consideration rhoroforc. this Company has acquired 28,800
sharesin ERGO ata cost of R 71 .760,
General
During April the recently negotiated eleven-shift fortnight was introduced.
.The Initial remits indicate that productivity has been adversely effected.
However, n this early stage it is not possible to assess the full impCmions of
thfe work pattern.
Quarter
ended
31st Mar.
1977
345.000
1,518
440
R 16-08
R12-70
R338
Six months
ended
30th June
1977
705.000
• 3.102
4-40
R1 6-70
R12-73
R3-97
R5.54 B.000 R1 1 .774.000
R4 ,380.000 R8373.000
R1 .644.000
R 83 1,000
R1.1 63.000
R 20.000
R1 .188.000
R6 73.000
R2.801.000
R31.000
R2.832.000
R1 ,404.000
■ • r
Quarter
Quarter
Nine months
ended
ended
ended
OPERATING RESULTS:
30th June
31sr Mer.
30th June
1977
1977
1977
Ore mKled (t)
510,000
500.000
1,510.000
Gold produced - kg.
3,978
3.900
11.878
YiekT— (g/t)
7-80
7-BO
7-87.
Revenue per ion milled
R 30-77
R28-82
R2B-80
Cost penon milled
R13-26
: R12-87
R12-63
Profit per ton milled
R17-51
R15-95
R18-17
Working revenue
R1 5,691 .000
R 14,41 0,000
R43^85JX)0
. Working posts
RB,763,000
R a 437,000
HI 9,071 A00
Wbriclng profit
R8,928,000
R 7573,000
R24.4 24,000
Net sundry revenue
R 444.000
R4 67,000
R1 .151 ,000
PROFIT before (nation and
lease donsidera lion
R 9.372. DOO
RB.430,000
R2a57SJXX)
Taxation and l ease consideration
R5. 798,000
R 5. 183.000
R1 5,774,000
PROFIT after taxation and
•
teasTCQriskJeration
R 3.574.000
R3J247DOO
R9.801.000
CapfiSI expenditure
fl rUTrifinrf
R2.000
R7 0,000
fu rutn nnn
moaooo
da Rpftnnn
A/nnum^aacifirea
Lpan.levy (recoverable)
R 627.000
n-M)DU,wu
RE 60,000
R 1,706,000
DEVELOPMENT:
Advanced (m)
Sempfictg results:
1.548
253
S6
791
3.419
SampJ«d(m>
Chanuerwidth (cm)
166
24
766
62
Av.vafiro:g/t
20-0
41-2
37-8
Cm.g/r.
1.120
989
1,966
R1 14.000
R78.0OO
R 192,000
500
454
954
342
369 ,
71 r
35
32
34
' 15-5
21 6
IB-2 '
641
690
618
33 ‘
44
39
43
40
41
24-1
ra-e
26-8
•1.035
' 1.144'
1.099 ,
ChanMjwidth (cm)
Av^v«T^ :e /t
Cre.g/T''
OPERATING RESULTS:
OrantiHed(t)
Gold produced -kg.
YHd-(gA)
Revenue par ton miltad -
Cost perton milled
Profit perton milled
Working revenue . .
Working costa
Woridng profir ’ '
Nat sundry revenue
PROFIT befdmtaxaiiion and
lease consideration.
Taxation and tease consideration
. PR OFITalter taxation and
tease conside rati on
" Capital recoup ment
Divideftd declared
Loan levy (recovcsebte)
Quarter
.ended
30th June
1977
270,000
864
3-20
• R12-82
. R8-94
- R3-68
R3, 407,000
R2, 41 5,000
R 992.000
R24.000
RljnBJDOO
R 670,000*
- - Quarter
ended
31st Mar.
1977
2S6JK)0
.851
"3-20
811*74
R8-M
• R 3*1 O'
R3.12i.000,
R2J? 97.000
R824.000
R17JXK)
R841J300
R3&1.000
R49O000
Six months
ended
30th June
1977
. 536.000
1.715
3-20
R12-18
R8-79
R3-39
R6.528.000
R4,7 12.000
■ R1,81 8,000
R41.000
R1.857JOO
R1.021JJ00
tease consideration R346JM0 . R49O000 R838JMX)
Capital recoupment • 111,000 .. * . R1.000
Dividend declared . - ■ R990.000 R990.000
Loan kwy (recoverable) R88JU0T R47,000- R1 35,000
■Includes adjustments in respect of the 'March quart or of R83.000 and
R11.000 r respeclnre(y.
Dividend , ,
On 10th June. 1877, Dhridreid No. 74 of 22 cents per share 'was declared
payable to members registered at 1st July, 1877. Dividend warrants will be
posted on or about 4th August 1977 r
East Rend Gold % Uranloiri Company Limited (ERGO)
ERGO has been granted the right to removB and treat th« Company’s
sfimes dwm. In consldeatfon therefore iMs Company has setprirsd 31^00
shereshERGOats cost of R77.740.
Adjustments have been made %o the payable' development metres and values to conform with those applied
io the estimation of ore reserves end are based on B3,500per KJtogrom or approximately $125.19 per ounce.
All the above companies are Incorporated in the RepubHc of South Africa.
L W. P. van den Bosch l :
E Pavitt '. ] Directors,
London Secretaries: Princes House, 95 Gresham Street London EC2V7B5. 20th July, 1 977
' Adhidend of 39 cents per share was paid on 13lh May. 1977.
CapItaLBc pendltura
• ..Con^jjtmwits in respect of contracts placed R 7,000
Surfacp Drilling
A bcfiahols drilled 3.000 metres north-east of No. 2 Shaft m the area under
opiioc^from U.C Investments Limited intersected the Kimberley Reef at a
depth «f 2,066 metres. Sampling and assaying of the reef Intersected In four
dftitoeflons revealed an average value of 20-9 g/t over a width of 24 cm.
. equivalent to 501 cm.g/L
G*naraf
- During April the recently negotiated eleven-shift fortnight wtes introduced.
The fttinaf results indicate that productivity has bean adversely affected. -
However, at this early stage if h not possible io assess the full imp Seatons of
tfitowpdcpflaam.
tSNISEL GOLD MINES LIMITED
' At lie end of the quarter the shaft hsd reached a depth of 1^99 metres:
-^satwcutting oh 9 Level has been completed and development rs currently
’ irf jjrohbjgg simultaneously on 10 Level and lhe mein Pump Station. Three ora.
' Pwwi^tWMn 4 and 7 Levels have been completed by refee boring.
Scree* construction work Is on schedule.
Expenditure .
Expendhure on Shafts, Plant and Equipment and General Expendhura
amo(ij|tod10 R3,34ZuOO (to date R29.848.000; .
CoiBinitnierTts in respect of contracts placed R3599.00Q
Armuqts approved In addition to commitments R 22,984.000
J-i- -
rv- .
26
H. Samuel
MINING NEWS
BRTL 1 MS LARGESTJEWELLM
ARecord
Centenary Year
Uranium sales
Buffelsfontcin
The Chairman, GilbertH. Edga? reports on
another successful yean
BY PAUL CHEESE RIGHT
Results for 52 weeks ended 31 st January.
Turnover (VAX exc)
Profit before Tax
Earnings per share
Dividends per share
£ 46 * 261^223 £ 39 , 754,897
£ 9 , 015,291 £8398452
Earnings per share 22 . 13 p l Q . 52 p
Dividends per share 7 * 50 p 5 - 3 Op
Value of properties estimated to show a
surplus of £ 17.5 million.
Ourpolicy of expansion and consolidation
continues - capital expendi ture programme for
current year exceeds £2 million.
'jtc First four months tradinginairrentyearshow
20 % increase in turnover.
URANIUM SALES have given a
significant boost to the quarterly
working profits of' BuffelsFentein
and West Rand Consolidated, two
mines in the' General Mining
group. The results emphasise the
growing importance of South
Africa as a uranium- supplier at
a time of expansion for the inter-
national nuclear power industry.
Back payments on previous
deliveries and higher prices com-
pared with the previous quarter-
lifted uranium revenue at' Buffels
H. Samuel Limited
Copies of the 60th Annual Report
may be obtained from the Secretary, ■;
H. Samuel Ltd,
Hunters Road, Birmingham B19 IDS.
TheUnion Discount Company
of London Limited ->
At a Meeting of the Board of this Company held . • '
yesterday, 20th July 1977, the Directors declared an interim
dividend of 8{p per Unit of Stock on' account of the: •-
year ending 3 1st December 1977 (1976 - 7p). This interim'
dividend will be paid on 1st September 1977 to
Stockholders whose names are on the Register at die close
of business on 5th August 1977.
The exceptional hill in interest rates in the early
months of the year, followed by relatively stable conditions
thereafter, has. enabled the Company to earn profits for the
half year ended 30th June 1977 which have surpassed those
of any comparable period. As a consequence the '*
Company’s resources now stand at a record level. - '
In the absence of any unforeseen circumstances the
Directors expect to reco mm end a final dividend which
would make a total distribution for the year equal to the
maximum permitted under current legislation.
The Union Discount Company of London Ltd.
Londan:7S/80 Q>mHll,IxaKloaK3V3NRTcl:0l-626 794 1
Edinburgh:24a Melville Stre»xEdinbuigh EH3 7NS.TuL(OT226 3535
by R42m. (JEZBm.) in the three
months to the end of June, twice
the increase In revenue from gold
operations.
West Rand Consolidated in-
creased its production but was
also able to make spot sales from
its uranium stockpile, which
boosted revenue by R2.&n.
(£1.901-). With gold revenue also
higher than in the previous
quarter the mine was able to
come back to -profit after a loss
in the March quarter. -
The General Mining operations
have been increasing their black
labour complements and this has
contributed to a rise in costs,
partiafly offsetting the benefits
accruing from a rise in the bullion
price. The mines have been
receiving between $5 and $9 more
-for each ounce produced in the
June quarter than in the March
quarter. -
■ Buffels has revised its ore
reserve figures. At the end of
June; on the basis of $140 an
ounce, just beneath current
-market prices, total reserves were
put at 6.44m. tons, against 7.02m.
tons a year before on the basis
of $120 an ounce.
The higher working profits
throughout the group are shown
in the accompanying table:
Jana Mar. Dec.
qtr. qtr. qtr.
Rim R0D0 ROOT
Baffelsfonteln ...... 13,850 . S.92S S.43*
S. Rratfepoart “H* ** *22
SUllonUeln *5W 22 MT
w. Rand Cons. ... 1.447 *1.517 6J38
■ Loss.
The quarterly figures for the
Union Corporation gold mines are
mixed. General Mining now has
a controlling interest in Unicorp-
Both groups have been affected
by the Introduction of the ll-shift
fortnight for white mineworkers.
in common with mines in other
groups who reported earlier this
week. Productivity has been
affected 1 , although Unicorp does
not state by how much, at a time
when working costs per ton have
been rising in all mines of the
group.
But the bullion price has been
higher, with Winfcefhaafc, for
example receiving $141.03 an
ounce compared with $132.16 in
the March quarter. Winkelbaak,
in common with Grootvlei,
Kinross, and Leslie, managed to
increase its working profits.
But an Increase has been
beyond SL Helena. In line with
earlier forecasts, the tonnage mil-
led has dropped, white the. areas
of the mine now being worked
are more expensive because of
their depth, heat' and the-.cost of
mining pillars.
The ‘Unicorp reports reveal that
Grootvlei and Marlerale: have
acquired parcels of shares in
Anglo American Corporation's
East Raod Gold and Uranium
(ERGO) and have granted ERGO
the right to treat their - r Slimes
dams. The aim of ERGO is to
extract gold, urannmr and acid
from mine waste dumps;
Grootvlei is buying 28300
ERGO shares and Marievale is
buying 31,200 shares. The- price
is R2-50 a share, giving a discount
of R1 on the price . quoted in
the recent ERGO prospectus
offering the public a chance to
invest. * - ' :
Jane Mar. Pec.
qtr. qtr. qtr.
ROW ROOT. R000
Brack* n XtM 2*W
Grootvlei — 1.6*4 4.1K W7
Kinross - 5,674 5.00? 4.032
Leslie UH *584 214
Marie vale 1.016 84a . 745
St. Helena 8.639 16333 1S.3S2
winhelhaafc SU72 7.772
* Loss.
The link of the two mines -with
ERGO confirms recent stock mar-
ket rumours which were thought
to be behind recent strength in
their share prices. Yesterday
Grootvlei were 69 ip and Marie-
vaJe were- 72p.
The Unicorp mines working pro-
fits are compared in the accom-
panying table:
NORANDA ENTERS
CHILE VENTURE
The Canadian group, Noranda,
has. agreed with the Chilean
Government to explore and exploit
the AndacoVo copper deposit in
the’ ' northern '• province of
Coquimbo. The project will
require ' an investment of $350 cl
(£2Q3.4m.).
Exploration of the ore reserves,
which .are estimated at 200m.
tonnes, is already well advanced
and studies have indicated that
output could reach between. 70,000
and 75,000 tonnes. * - 7 '
This is the second copper agree-
ment Chile has reached with
Canadian companies this month.
A week ago a group led by Fal-
conbridge Nickel and McIntyre
Mines agreed to explore the
Quebrada Blanca - deposit and
opened the .way to a possible
$700m. investment
Anaconda eyes Alwest
THE THIRD largest copper pro-
ducer In the U.S., Anaconda, now
seeking a new lease of-life after
becoming a subsidiary of Atlantic
Richfield, is likely to enter the
Alwest alumina project in
Western Australia- - * .
- A statement from one of. the
Alwest partners. Reynolds Metals
of the U.S., said that Anaconda
is actively studying all aspects of
the $A600m. (£392.Sm.J project
with a view to becoming a par-
ticipant.
The two other ‘Alwest partners
are Broken HiU Proprietary and
Mr. Rupert Murdoch's group.
News. They • hold bauxite
deposits in the Darling Range,
which, it has been planned, would
provide, long-term security of raw
material supplies' for tWf P ro-
posed .smelter. >.-•:•
Anaconda's appearance as a
possible participant comes quickly
after the withdrawal from the
project of Alcoa of Australia,
ahead ten its 'own With the con-
struction of a smelter at Wagerup.
Alwest will, return to the site,
where it originally planned to
have -a smelter, just outside the
coal mining town of CoRie. - I
The Western Australian Pre-
mier, Sir Charles Court, expects
construction of • the Alwest
smelter to start next year ana
finish in 1981. Production would
be between 0.Sm. and lm. tonnes
a year. '
Anaconda is expected to make
a definite decision- about Alwest
in the autumn, but ite limited
commitment so far. signifies a
new interest in taking part in
the development of Australian
natural resources. Its. explora-
tion budget is being increased,
and -it is examining coal pros-
pects. Arco already has offshore
oil interests.
ROUND-UP
whose adherence to Alwest,
announced in December last- year,
seemed llkly to bring to fruition
a project which has been seven
years in the planning stage.
Alcoa, which Js 51 per cent-
owned by Aluminium Company
of America, withdrew, apparently
on fears of anti-trust action in
the UiL because of the link with
Reynolds.
Our ‘ Perth correspondent
expects that Alcoa will now go
Now Issue
July 21, 1977
This advertisement appears
as a matter of record only.
KINGDOM OF NORWAY
DM 200,000,000
5 % % Deutsche Mark Bonds of 1977/1982
Offering price:
Into rase
Maturity:
Listing:
TOOJMb
5V>% p. a, payable on August T of aach year .
August 1,1982
Frankfurt am Main
Shares in Tharsis Sulphur and
Copper, which has pyrites
Interests in Spain, were marked up
40p yesterday to S20p after the
company announced that its non-
industrial land had been re-valued
at £2BSm. ‘after having a book
value of £15,000, and that £L2m.
of the surplus would be capital-
ised and distributed among share-
holders in the .form of a three-
for-ten scrip issue
* *
The German coal and industrial
group, S aarbergwerke, which is
1 74 per cent owned by the federal
I Government, made a net profit of
I DM9.1 m. (£2 .3m.) in 1976. after a
loss of DM15m. in 1975. Sales this
year are expected -to be at much
the same level as in' 1976, although
they were running 1.4 per cent,
lower during the first five months
of the year.
* * ★
The Toronto company. Mentor
Exploration and Development, has
taken an option on the Victory
tungsten-molybdenum property in
the Samo area of British
Columbia. The property lies to
the north east of Canex Placer’s
former Emerald Tungsten mine.
MINING BRIEFS
WESTERN PLATINUM - HOLDINGS—
Quarter ended
Operations — 3B.S.77 3L3.77
Tons milted (OOTa) ' 3W
Deutsche Bank
AttmSMdKtNft
Algemene Bank Nederland N.V.
Hambros Bank
Umhad
Kredietbank SJV. Luxembourgeoiso
Union Bank of Swrtzerfand (Securities)
United
Platinum (Kgs.)
Palladium Ours.)
Other precious metals
i kgs.). — ■■■•
Nickel (metric 'tonal ...
Copper (metric tons) ...
Con per ton mi l l ed —
neectopnwtt—
Metres advamvC ...... ..
Mertse . sampled
Value grt— PGM -
Widths icouji
Cm Gram -
Capital devej. (metres!
Sates (Rina's) . .. . .
Con or sates rRooo'si
Working proSt / doss',
(ROM's)
Cap. exp. met) (ROM's)
ISO ns
437 MS
. 2SB 226
R 12.13 R 12.32
3.305.4 3.317.2
1.325 1.537
4.72 4.KJ
M S3
431 413
— TI.7
3.21* r,.n«
3.018 4.624
Bergen Baik
Christiania Bank og Krecfitkasse Den norske Credhbank
^Th'e Financial Times -Thursday July -21 1977
I. New Issue _
ji ' sa ' 5
339,000 Depositary Shares at
’ a price of U.3. $9.93
Mana ge ment Timi fed Murray Johnstone Limited
Touche, Remnant & Co. Vickers, da Costa & Co. Bahamas Limited
DONALDSON, LUFKIN & JENBK 1 TE -INTERNATIONAL
is pleased to announce the following in
LONDON
Theelection of
MARK J. SANDLER .:
- • Managing Director
Donaldson, Lufkin &Jenrette International
• - and Senior Vice President _
and Senior Vice President
Donaldson, Lufkin & J enrette Securities Corporation . jfTC/I* I s I v 1
The establishment of our ,f|| CpO Sfl
International Fixed Income Department l‘R
International Fixed Income Department U« ^
ARTHUR L. SCHWARZ n :: :7; : n
• .j Director •: ■
The addition to our sales staff of s ~ ■
ROBERT L. HOOKE .«:■
* . Director ■'*' ...
~ BROOKS CAREY :£ :
DAVID LLOYD-PRICE ’
cairn*
PARIS
- *
'i jn* -t:
The election of
; w: / . • FRANCOIS MOUTE
v . 5 ; V- Yice President
• ' J?t?haidsOn^lAifkin & Jenrette Securities Corporation
>/• .
ZURICH VU-
The establishment of
Donaldson, Lufkin & Jenrette AG
ERIK B. MEZGER
Managing Director
GUSTAF BRADSHAW
INTERNATIONAL DIVISION
DONALDSON,
LUFKIN
& JENRETTE
SECURITIES CORPORATION
LONDON
PARIS
ZURICH
22 Austin Friars,
London EC2N 2HY
Tel: 1)1-638 6661
Telex: 8811356
42 Avenue Montaigne,
76008, Paris
Tel: 228 7800
Telex: 660495 '
Beethovenstrasse 5,
8002, Zurich
Trl: 202 80 35
Telex: 59671
AfaM Bank of Kbwaft (ICS.CJ
A E. Ames & Co.
Lknted
AndH MBs Bw*A)S
Banca <M Gotten*)
Amhold uod S. B Mrf yoeder. Ino.
AmsteridnteRottsnfara Bnk N.%
Bancs ContmweWa ftahm
BankJoflcsBewIntemti o n sI
UmMtf
Bsnk Lau I n t sms fionri Ltd.
Banfc fur Gernelmrirtschsft
AUieRTnsItatiaft
Bsofc Mats & Hops NY
Banqua BraxaDes Lambert SJL
Banqin da rindodiina at da Suae
Banque de Paris et dua Pays-Bas
Banqua da rUaion Emoptanraa
Banqua Fiwquriaa da Commerca Extinaur
Banqua Imamationale A Luxamboarg SA.
Banqua Populates Soto sa SA. Luxembourg
Bayadscha Hypottwkan- qnd Wachsri-Bank
Bayerfadba Varainsbank
Banqua Arabs at tntamafionslN
d'lnvBstissement (BJVXL)
Banqua Gindrale da Lmtamboars
Banqua Nationale da Paris
Banqua Rothscbfld
Bayarischa Landasbank
Qrozwtnte
Bariinar Handal*- und Ffankfurtar Bank
Deiily MailandGeneral'Erist Dmifced
Statement byViscount Rothermere,Chairman
•-
Cataa das Mpdta at dmdgnafioa
CMntmrediank
MAataiUirit
Crtdttfadastriil at Cow m ser ia l
J am as Capal 4c Co.
Compagnie FbrancUra
delaDaatscltaBaikAQ
CrtdttLjfumsis
CMewp lu tsr ns fiona l Gra»q>
CiddaCauiffltrnWdaFnuica
CraJ tu staManfcvaraln
Dan Dtfisfcs Bank
Danfsdtt Qnmanbali
-PamN!ba Konuuunitfbanfc—
DGBank
Damdba GmoMovSaBiliHtk
CndttStteNWUtoWvM
OaferikkACa.
DresdnarBank
EwomobBara SjxA.
CBMpqpd* Eorapaa Int im uMBw
European BanJdbg Company
limited
GoMman Sadis intamationsl Coepw
KanwEs^fcake-Panldd
Greaparaantdes Banqaiara Prfvfa Onrawris
IQddsr, Pssbody brtanattonal
vWrtW
Gafins briamafionsl
IWM
HS! Samuel ft Co.
tlsnlad
IQflbanhavns KamMsbmk
KMmvwtr Benson
UndM
KradMbankN.V.
Kahn. Loab & Co. bitanufional
Kuwait Foreign Ttnadbig CemtracQiig ft
bmsbnaittCo.(SAKj -
Kuwrit International [ u ia Uiu a n t Co . i . fc fc. Kowsit Invesfmeft Company (SAlt)
Lszard Brothers & Co,
United
ManufsoiureraHanowtr
United
Ixrard Friras et C3a
Mart*; Ruck 5c Co.
lazard ftrfcnas A Co.
Our Companyhas again Increased rts net revenue
compared with that of the previous year, and the
valuation cif our investments including investment
funds has risen from £40 million to £49)6 million.
The asset value of the Ordinary and "A' Ordinary
.'shares, after allowingfor the Preference Capital,
has risen from 391 p to 48Sp. 1 should like to than k
those who work th roughout our Group !n any
capacity for all they have done to make this
possible.
designed to strengthen our financial position and
to achieve steady growth in revenue and dividends,
which will help shareholders with increasing costs.
*V J "
r,,.
Menffl tyndi International & Co*
B. MaCriarMaLSotm &Ca.
Morgan GnmfoB It Cow
•wflicd
Motsas Stenloy htumafinnl
Nesbitt, Thonooa
t MM
PtermvfMMna & PJwsoa NV»
SHOppmMMjAftCta.
BKb*nlai» , ;
Orion Sink
Unted
Miotbaidoo
The overall income has increased by 1 3% : from
our subsidiary by 1 0% , and from the investment ■
portfolio by 1 6% . The eamings per share, aFter
providing for taxes andthe Preference dividend,
are I5.9p compared with 14.1p in 197B. A tax
adjustment for which we can now take credjt makes
the overall earnings per share 17.2p. An interim
dividend of 3.932p per share was paid in February,
and the final dividend will be 7.51 2p, making the
year's total 1 1.444 p per share, the maximum we
may pay under the present regulations. A total of
£l,1S3,680 will have been paid out as dividends, .
leaving £576}785 retained for expansion.
Two general comments should be made about l-st
year. Littte progress was made in bringing inflation
under controfand there was no nefief from the
Government restraints which have made the
conduct of business difficult Secondly, the
Bullock Report made recommendations which, if
implemented, win have longterm adverse effects
on gtowttrarid efficient employment policies. The
suggestions In the majority report will inevitably
affect overseas confidence iri this country, and
lead to either a reduction of employees or a cut in
investment progress, or both .
’ ■ x V
fshould like to remind our shareholders of what
Lord Bullock has written earlier. ‘The real
revolution in Germany was the inflation, for it
destroyed not onfy property and money, but faith
in property and the meaning of money: 1 His report
does not consideryou, the shareholder, oryour
rights In any aspect.
court
RothacfaBrltiankAG
J. Hrory Sclmxter W»gg a Co.
N. M. itaNbMHd ft Sons
(.tinted
SchrBda&MQncbtiMywvHcngct&Ca.
Satomon Bn&m IntMiuSontf
Umn*d
Standamifla EnskSds Bsnkaa
Sm b h ^ nwy, Hnfat Upham ft Co.
SodMCftrenla
Swanaka Hmtelalwdcn
UBS-DB Co rp o ration
Vbtbaad ca n rataM ii dlM g Kb mowlbinMn
■ft K WbrinqrBtiMfaanfv Wbte ft dh
-Sterira Bank Coipotatin) [Ovuwt)
Uwwi
SocifiiGfafrabftBnqiN&A.
‘trinkan ft Burkbardt
VnhM Bank of FFnhnd Ud.
Vcrabwund Wwtbmk
Union Bsnk of Norway
Uatted
J.Vomobol&Ca.
Being reasonably liquid, our Company^ was able to
take advantage of the high interest rates and to
anticipate a recovery in the market by purchase of
equities at advantageous prices. I am happy,
therefore, to be able to report that our net-Revenue
forthe yeac after all expenses and taxation, rose
by £313.907 ^gainst that of the previous year to a
record £1,760,465.
&BWubuijj ft Co. 1*4-
Wuafoutsctw (jandrabank
Wood Gundy UmW
These results hgye been made possible by the
improvement in profits of our subsidiary.together
with the success of our investment programme.
In conclusioa f can only saythatyour Board looks
forward to the improvement in the country's
baianceof payments which has been generally
forecast, especially in the light of the developing
North Seabii operations. This should strengthen
both sterling and the economy as a whole. Further
than thatit would be rash to attempt to prophesy*
However.with its wide spread of investments at
home and overseas, there is every reason to feel
assurecTihat your Company can face the future ‘
with confidence.
i.’4 t. 'i ,*
«.
VV ;r v '■
.'S-Jfr
si . ..
’U°
HOME NEWS
a» %, ^ ortgage prospects st
3 says Nationwide
mmwt
J V£L CASSBi, RUR-DMG CORRESPONDENT
re^rt^ yesterday
of So^a'e^fimtb
W 5 the house buying "■&&- > * " V'*‘-'£.. *:- : '-^Hj
%’ani, especially for -<£:* : ; '_ '•
'^ir 2 first half of this •■ ■.V’i’.t*. ?'"*3a
■Wide made over half ••‘s--- .' '^ 7 ‘" , : -7 ™ <i: - ;
ns to first time pur- V- • 'r^9S0s
iriy a third of those £.'•
/ore on older and [-S' ■■■■•'" : ’ 7
iaper properties. ^ 4 (Eb|
^N/rd Williams, chief jg£&. ■ 1 1 . ;
^Oager, said that in *. ; ^-
>e months there had *> *‘* ' ■ - -•
>r ■improvement in.&j 1 ..,.?■ ■'
^ iveness of building *■: -
■-■.‘ijjts,. in net investment
Nationwide was now
Jos at the rate of ■ . 'NjBvfflWMll
<!; month and the out- .. ..
six months of 1077,
de's assets rose by ■■■L/rfTSKK&HHHHI
to £&5bn. Gross „ , . ™ fn .„
e first half reached *r- Leonard Williams,
net figures totalled chief general manager of
h figures were a .. „ .fl-
it £3 23 mV so were NaHonwiae-
rovats.
V. ms said that the There was an adequate supply
’>v,jd for home loans of existing homes for sale,
?r level of activity which was also being augmented
ig market had not by the contmaed transfer of pro-
-'..■■•t ed in any marked perty from the .private rented
~ in bouse prices, sector, as well as a relatively
‘vron to increase
th Sea stake
AFTER, ENERGY CORRESPONDS^*
Mr. Leonard W illi a m s,
chief general manager of
NoBomride-
he American oil
: t /ling to increase its
p "’ke by buying part
*;'i^bens Group oil
* being negotiated
Chevron a major
l;« 2/10 and 3/28,-
-- Shetland Islands.
... . which holds a
v-fo. interest in the i
'estbume Drilling, !
remaining *5 per I
he final stages of
¥■■ riL.
high level of new houses being
built.
Potential purchasers were also
taking a cautious view about
total commitments and it
seemed unlikely that there
would be another rapid increase
in prices this year. This was
possible, however, if the growth
in earnings accelerated, Mr,
Williams said.
Commenting on the recent
Government review of housing
policy, Mr. Williams described
it’ as a “sensible and well-
researched assessment of the
state of British housing."
Some of the proposals for eas-
ing entry into owner occupation,
such as more low start mort*
gages, a savings bonus and a
£500 interest-free Joan, were
attractive in principle, but could
pose problems in practice. Over-
all, however, he thought the
Government had shown that It
shared the societies' objective of
a further substantial increase in
owner occupation.
• This could be a good time to
buy a house, says the quarterly
report of the Royal Institution of
Chartered Surveyors in Scotland.
There are plenty of houses to
choose from, says the report,
which refers only to Scotland.
Mortgages are fairly easy to
obtain, and prices are virtually
the same as. a year ago.
Insolvency
highest in
building
By Keith Lewis
THE number of bankruptcies
last year, at 6,700, was much
the same as lo 1975. But the
annual report on Bankruptcy
published by the Department
of Trade, reveals the estimated
liabilities of the failures was
some 22 per cent, lower at
£1I5 hl
The estimated value of assets
was £24m^ leaving the overall
deficiency at £91m.
Most bankruptcies came in
the construction Industry,
where there were 1,554 cases.
Road haulage, taxis and hire
ear businesses accounted for
400, and non-food and food
retailers logged np 747 and 735
respectively. Restaurants, cafes,
pubs and dobs registered 305
failures, with a similar number
from financial, business and
professional services.
There were also 420 cases
recorded in the sector known :
cnmnaniM wmtilri Jfir I ' 1 uauutge, wuus ana uixe
erdav but It Is I 1 *; #> . CTr businesses accounted for
it thp'iipai uihiM, " - 1 |i :ai*ai 400, and non-food and food
S-H? /FTST-. ™*\ I logged np 747 aod 735
result in an earTv — .r, I respectively. Restaurants, cafes,
drilled- i?S/10 pubs and clubs Jeered ^
- nrnbablv nav for ^ w .. failures, with a similar number
•\n wn?k P 7 £“£ ly ot tte Heather from financial, business and
° " or *\ . . • Field which haB a spur pipebne professional services,
en found in both linked to Chevron’s Ninian Field. There were also 420 cases
-- heenlarce eSma? 0il fro ® Ninian, wljich ^ dim recorded in the sector known
sfiar arc-i
hens announced a °“® ^ latest involving large JQ 17 000 a -*»«*»
muraging" find, ? u compames^buying their way 0 ’ t Qf * erv „ of __ t
hanical difficulties discoveries made by smaller ^nlio ni • where the Official
ffoup from fully firoaps- y Receiver was trustee, 45J5p was
d-beanng column. British Petroleum, . for spent on administration ex-
ell was dry while instance, has taken major penses, 17Rp went to preferen-
;d last year, found interests io the Buchan. Craw- tfal creditors and 37p was
1 non-commercial ford and Bruce Fields. In April, distributed among unsecured
. ana gas. “Siebens. Oil and Gas (UJC) — creditors. The comparative
28, to the south- independent group formed to figures for the previous year
-r ound a significant search for oil and gas — sold were 39.8p, 13^p and. 47p
-'heavy oil which half of its 8 per cent, stake in respectively. .
»w during pro- the Brae field to the U.S. The Insolvency Act, 1976, did
n the industry it Marathon group. not receive Royal Assent until
■ .-.-re appraisal work ffi Baliand Collins (Oil and Gas) November 15. 1976, and the
' l before the dis- gaM yesterday that the first well PswvWons of the Act increasing
teraal potential iu block 29/15, drilled on its monetary limits came into force
V. .... _ : — behalf by -Shell -Exploration .and only ^^ocember 20.
-<s particularly Production, had been plugged ” ~
lock 2/10 because and abandoned. The . well, 1 T rpQcnn |QW
un a commercial • believed to have been dry, was -*- a^ssovfx* an .
-Ruction could be drilled to a depth of 14,075 feet pEanoP iiraAfl
existing nearby in an area close to Shell's- Auk LildUtC 111 tCU
,1,1 *>* »
- rf block lies imsme- PTeld. '
cw - , • ■ i
, . “ «_it
mail order rules
idden charges
distinction of having the
largest average deficiency of
£117,000 a ease.
•Receiver was trustee, 45 jp was
spent on administration ex-
penses, I7.8p went to preferen-
tial creditors and 37p was
distributed among unsecured
creditors. The comparative
figures for the previous year
were 39.8p, 13Ap and 47p
respectively. .
The Insolvency Act, 1976, did
not receive Royal Assent until
November 15. 1976, and the
Treason law
change urged
TIMES REPORTER.
TREASON -SHOULD be an
offence only in wartime, and toe
crime of sedition should be
abolished, according to a Law
Commission working paper pub-
lished to-day-
The commission suggests that
the whale of the treason law,
dating back 600 years, should be
replaced with a new law to deal
with the crime of rebellion in
peacetime
The Queen and her immediate
XXi Hl R 1
advertisements icg; publishers Of 'books and Oueen and her immediate
® nst audio products who trade directly ^jnny should be protected under
information with the consumer, mainly by snomu oe protected under
packaging costs use of the maiL - Although there is an armoury
• I#wSf l ts ^ oaeinbers are: Book 0 f ■ criminal law offencesfwitli
' Th irT fyvStSfiv *** ? Ub J ^ S0C ? €ST J^ riV l^ UbIi f a ' which P«acfetime - ^traitors ”
_ , tsons, Encyclopaedia Brltanulwi could be charged, fte commission
*-*■ j , LA'S" amm, the code- International: Franklin Mint; believes there is a case for
w** y-ii .* in a good-aized Newsweek International; The retaining an offence covering an
[ JL must Reader's Digest Association; and m e gai conspiracy to overthrow
. * *» “R*?- Time-Life International. . . or supplant the Govermnent— “to
0 iP- Associate members are: the emphasise the particularly repre-
toll there Hamlyn Group; the House Of hensihle character of the corr
X the new code. Grolier; Mitchell Beaziey, and duct.”
. ements to the Scholastic Publications. • Other offences also, cover con-
practice. In force Affiliate members are: Commu- dact amounting to sedition and
' been drawn up nications Management: Donnel- the Commission thinks it better
with the Office of ley Marketforce; O. E. McIntyre; in .principle to .rely 0 n these than
making it the J. Walter Thompson Company; to bare resort to a sedition law
which toe Office. Wasey! Campbell-Ewald: and with a' “political " implication,
n drafting. Wunderman International Direct Law Commission Working
. . n comprises lead- Mailceting. . 'Paper No. 72, SO, £1.50.
fights court evidence order
o' “ -7 t -
N’ • * •
.eeseright
. IRS of Rio Tinto-
■ining means to
irk Turner, the
six other execn-
ing to give evi-
- t hearing at toe
in London next
.5 planned to take
■ ' 1 case involving
■? Westing ho use
-ation to deliver
'it utilities.,
d for Monday by*
Merhige of the
-■ Court in Rich-
.into whose juris-
.ties case against
- alls. But .Judge
. t be present and
official will pre-
- earings.
has been wag-
.. tie to keep the
- the American
.ion. proceedings
jf Appeal have
it that RTZ does
rovide documen-
tary evidence but is obliged to
give oral testimony. The group's
fight against this obligation is
being carried to the Lords.
Aipetition was lodged on Tues-
day, but RTZ said that the case
would not be heard before next
; Monday, the- day of the hearings
ordered by Judge Merhige. ■ S - ;
Yesterday an official in the
Law Lords office was not able to
say when the Lords appeal would
-be heard. Much depends on toe
speed with which the relevant
documents are gathered together,
But toe law term finishes a
week - to-day and. it- is possible
the case will not he heard until
toe new term starts in October,
It as not dear at.tois stage
bow Judge Merhige -will react
to RTZ's appeal to the Lords,
but toe hope of RTSRs lawyers
must be that he wall not seek
depositions from- RTZ executives
until toe Law Lords have handed
down a. ruling.
Judge Merhige granted ah
Immunity order last Monday to
the RTZ executives, the effect of
which Is to remove toe t hrea t of
prosecution from any testimony
they - m sgbt make.
The Justice Department in the
U.S.' considers that RTZ testi-
mony on toe utilities versus
Westinghouse case would be in
the public interest Westing-
house was sued originally by 27
utilities for revoking a contract
to provide 05m. lbs of uranium
oxide . over .20 years at fixed
prices : ‘ , :
The contracts were signed at
$9.50 a pound, but toe spot
market price has risen -to’ more,
than -$40 a pound. Three utili-
ties have now settled with
Westinghouse.
Westinghouse, in its turn, has
sued 29 uranium producers, in-
cluding RTZ companies, for
operating a uranium carted which
is said <tn have forced up: prices.
Informal talks between Westing-
house and the producers quickly
reached deadlock earlier this
month. -•-•••
Morgan Guaranty Trust Company
OF NEW YORr XT «/
OF NEW YORE
C onw ff rfof erf ateUememt ot conditi+m
June 39,1977
Aoooto .
Cash and due from hankg . ... 9
Interest-bearing deposits at banks ....
U. S. Treasury securities
Obligations of U.S. government agencies. .
Obligations of states and political subdivisions
Other investment securities
Trading account securities, net ..III
Federal funds sold and securities
purchased under agreements to resell . „
Loans •
Real estate * ] [ ] [
Total loans and real estate .......
Less : reserve for possible loan losses I I I
Net loans and real estate _ .
Premises and equipment, net -
Customers’ acceptance liability . . . . -
Other assets ...........
Total assets ...........
Liabilities
Demand deposits
Time deposits , .
Deposits in foreign, offices . . . .
Total deposits - .
Federal funds purchased and securities
sold under agreements to repurchase
Commercial paper of a- subsidiary . .
Other liabilities for borrowed money .
Accrued taxes and expenses . - .
Liability on acceptances
Dividend payable .
Convertible debentures of a subsidiary
(4% %, due 1987). .....
Capital notes (6% % , due 197S) . .
Capital notes (5% , due 1992) . . .
Mortgage payable .......
Other IlflhiHries ........
Total liabilities
Stockholder 9 * equity
Capital stock, $25 par value (authorized and ~
outstanding: 10,000,000 shares) . . .
Surplus • . •
Undivided profits
Total stockholder’s equity . . . . .. .
Total liabilities and stockholder’s equity . .
In thousand*
$ 4423 536
4 769 647
1456 545
184 258
1279 575
510 659
1039 715
419 573
33 767333
76003
13 843 336
149 944
13 693 392
124 810
814 548
734269
529 450 527
S 7806 318
2 901 806
11 140 204
21 848328
3 201 620
108435
1 014 643
391 836
816 706
25 000
50 000
100 000
79 055
14313
313 137
$27963 073
$ 250 000
518 385
719 069
1487454
$29 450 527
Assets carried at $2 5S2 697 000 in the above statement were ■pledged as
collateral for borrowings, to secure public monies as required by law , to
, qualify for fiduciary powers, and for other purposes.
Member, Federal Reserve System, Federal Deposit Insurance Carp.
Incorporated with limited liability in the State of New York, U.SJL
: Lo ndon Offices 33 Lombard Street cmd 31 Berkeley Square
■ Banking offices also in New York, Paris, Brussels, Antwerp,
ATnsterdtim (Bank Morgan LabouChere N.V.), Frankfurt, ■
- Diisseldorf, Munich, Zurich, Milan, Rome (to open
m fall 1 977 ),Tokyo, Singapore, Nassau
Representative offices in Madrid, Beirut, Sydney,
■ Htmg Kong, Manila, Sao Paulo, Caracas
Directors
ELL MO RE C. FAT TER SON
Chairman of the Board
"WALTER H, PAGE
President
RAY C. ADAM •
Chairman and President
J»L Industries, Inc.
J. PAUL AUSTIN
Chabmuntof the Board
The Coca-Cola Co mp an y
R. MANNING BROWN JR.
Chairman of the Board
, New York Life Insurance Co?7zj«i7iy
CARTER L. BURGESS
Chairman, Foreign Policy Association
FRANK T- CARY
- Chairman of the Board
International Business Machines Corporation
EMILIO G. COLLADO
Former Executive Vice President and Director
Exxon Corporation
CHARLES D. DICKEY JR,
Chairman and President
Scott Paper Company
JOHN T. DORRANCE JR.
Chairman of the Board
Campbell Soup Company
WALTER A. FALLON
Chairman of the Board
Eastman Kodak Company
LEWIS W. FOY
Chairman, Bethlehem Steel Corporation
HANNA H. GRAY
Provost, Yale University
ALAN GREENSPAN
. President
Townsend-Greenspan and Company, Inc.
HOWARD W. JOHNSON
Chairman of the Corporation
■ Massachusetts Institute of Technology
RALPH F. LEACH
Chairman of the Executive Committee
HOWARD MORGENS
Chairman Emeritus
The Procter 6- Gamble Compa n y
LEWIS T. PRESTON
- Vice Chairman of the Board
DONALD E. PROCXNOW
President •
Western Electric Company, Incorporated
JOHN P. SCHROEDErT
• ; Vice Chx&rman of the Board ■
WARREN M. SHAPLEIGH
President, Ralston Purina Company
GEORGE P. SHULTZ
President, Bechtel Corporation.
Schleslnger investment manage-
ment covers a wide range of private,
institutional and pension fund-port*
folios.
Our experience and philosophy
provide pension funds with a specialist
investment service which includes :
A conservative approach with, current
emphasis on Gilts and U.S. equities.
A constant appraisal of relative
returns from fixed interest, equities,
properly and cash;
. International diversification.
Emphasis on risk analysis. *
A comprehensive service for all sizes
of pension fund L
A pension fund investment team with
considerable experience of successful
management of over £100 million of
institutional accounts, headed by
Peter Baker, M. A, F.C.A.,
. Vernon Harris, B.Sc. Econ., F.C.A.,
and Alan Henderson;
For further ^information contact
VemonHarris, Director
Schlesiuger Investment Management
Services Limited
• 19 Hanover Square LondonWIAIDU
Telephone 01-409 3100 ’ :
Q Schlesingers
/ Specialists in the management of private.
/ institutional and pension Tu nils.
CD
mil
1
r T
_LL
■
' : -. f-
Substantial profit increase forecastfor 1977/78
25
'^g-'gmapgqi 21<1977^
INTERNATIONAL FINANCIAL AND COMPANY NEWS
AMERICAN NEWS
Steel profits start to recover
Further
NEW 'YORK;' 'July "'20.
setback at
Monsanto
it
BY STEWART FLEMING
EVIDENCE OF a marked re- mand into the second half of earning- are S30m. (95 cents si better than the secoinf.%a rte r
DTWMUb w * share) compared with S31.6m.' level. He cited strong' demand
corery in the profits of the U.S. i n the second quarter Republic (SL01 a. share) in the second for the oil and gas industry nro*
.steel industry has emerged with steel earDe d profits of ?22.2m. quarter of last year. ducts of the company as.tactors
the second quarter results of (si.37 a share) compared with For the first six months how- beyond this forecast' ■■■..
two of the industry leaders, $23.9m. (S1.48 a share) in the ever Armco’s net income is Mr. William De Laoce&.presi- MONSANTO, the UJ3. chemical
Republic Steel, the fourth lagest same period of last year. In the 536J2m. compared . with '864.9m. dent of Republic Steel,, said that company, has announced a
company, .and Armco Steel, the first quarter of this year the com- in the first six months of 1976. he is not ' anticipating a£*H off further fall in profits, compared
fifth largest producer. pany suffered a loss and there- Armco .had managed to just in - demand for. steel -products with 1976. Net Income in the
After share declines in nroflts fore its earnings for the first remain profitable in the weather- such as occurred, in the second second quarter was $SL5m,.or
irter of 1977 both six months are sharply down affected first quarter. half of last year to bp.repeated 17.2 per cent- less than the
ifiBr ih WH.ngui . 107 R — at Slfim > Imm'. u. -urcittaw. iot7 tj* +. 1 . , nnn tin, I-,ct
in the first quarter
com parries' have reported a much compared with 197fr-at 816m, ■ Armco’s chairman Mr. William in .1977. He added that 'capital S98.4m. in .the same period last
improved level of earnings in compared with S37.5m. in the Verity says that he is expecting goods industry demand fc eon- year, agencies report from St
the second six months and are first half of last year- the third and fourth quarter tinning to “expand across a Louis,
forecasting continued strong de- Armco Steel’s second quarter profits for the company to be brcfadlhg base."' '
Accounting rule worries small oil companies
BY JAY PALMER
NEW YORK, July. 20.
MANY OF America's
independent oil and gas
smaller cessful wells would be shown on and did, avoid the immediate unable to raise necessary
pro- the assets side of the balance harsh impact of a stream of un- -financing. - This is. just another
This means that for t tie first
half of the year, net earnings,
at 3229.4ns „ were 10.X per cent
below the 1976 first-halFs
5255.3m., although sales were up
in -each of the first two quarters,
to 81.12bn. .from Sl.oebn. in the
April-June period. • and to
$2-43bn. from S2J54bn. in the
six-months.
Earnings a share in the second
quarter of this year were $2.21.
$2.69,. and in the half-
ducers are oreoaring to band to- sheet and gradually written off successful exploration attempts, example of the big companies
TO P a nroDosed over the life of the welL Using “full cost” accounting, attempting to overpower their J' ear $6-22..as?“« $7.09.
accauntinp rat' that rouJd The costs associaud with un- they could manage to report smaller competitors."' V
sharply reduce their reported successful exploration attempts, earnings growth even in bad . The . FASB, In its 95 .-page
earnings in some years and. ulti- whk-h haVe r,sen shar P 1 ? f ?r years for exploration. “exposure draft" proposal, said
matelv make it more difficult raost independent companies in Exxon, speaking for most of tbit it had rejected the, “full A K - v«hie«i •
for them to report steady earn- recent years as oil and gas be- the large oil and gas companies, cost", approach. “because it aaaamaA by NaMscOf
growth and raise new ex- come harder and more expensive said that it had long been an tends to obscure failure, and vnth net earning in the second
Nabisco fall
SHARP fall in profits
has
mgs
ploration capital.
to find,. are recognised under this advocate of the “successful risk, and could mislead- users of quarter falling 58 per cent, to
method' as full expenses and efforts" method. “We believe -com canies! balance sheets." S7.15m- or 47 cents _ a share.
_ . , .1. ,,r « nuTMiuu 03 *u.« efforts" method. “We believe companies 1 balance sheets.’
Late yesterday the L'^5. Frnan- barged against earnings im- that the capitalisation of the. The .proposals, which would
cial Accounting Standards Board mediately. costs of unsuccessful efforts con- come Into effect for financial
proposed that all oil and gas com Although "successful efforts” stitutes a misleading delay in years beginning June 15, 1978,
panres be forced frora ^ next year accounting has been common the recognition of losses and come . at the behest. of the
to adopt a uniform successful % -ith the largest companies for results in an overstatement of Securities ahd Exchange . Corn-
efforts” accounting approach to
some
from 817.85m., or $1-12 a share,
in the same period last year.
Renter reports from New York.
The latest figures, however,
include a non-recurring charge
of $65.70m., or 73 cents a share,
for the recently announced dis-
EUROBONDS
Vfi
BY MARY. CAMPBELL
THE U.S. dollar sector of the Tnistwas quoted yesterday-at dealersaid,since It was a private
Eurobond market was fairly 98ft/}: . '•» placement rather than . a- public
quiet yesterday, though defers Quebec Hydro has moved up issue and few people got a look-..-:'
reported greater activity than on further. It was quoted yesterday at. It .' }■:
Monday or Tuesday. One new; afternoon at99}/i agalnstuprice Another dealer noted that
issue has been announced, $20m. of 99/994 on Tuesday. South Afrman -.issues -are quoted C'
for MOL- International, a Luxem- ; TbiB Dew issue' for MOL Inter- at mush Mg fa er prices than- -dor-. . i' ;
bourg-based subsidiary' of . the national offers an indicated lag 1 their bout of real weakness
Japanese shipping- company eoupbn -of 7} per cent, on a seven- last: year, hut said that an ...
Mitsui OSK. . year:. bullet maturity. Commerz- attempt to tap the dollar sector,. * •'
‘ In first-time trading yesterday,' bank' fa lead manager: " 1 : was. nonetheless not to be'/.- ‘
Fisons was quoted at 991/J after The' South African Railways expected. V."
a par pricing. The bid price re- venture into the D-mark aectbr- “We do not thank the market '...
presented a three-quarter point of 3h & Eurobond market to raise would be very receptive to k~
discount from the par pricing, DMSSnu. - Inevitably raises - the dollar issue for South Africa a 1 - '
somewhat less than ; the discount possibility that borrowers from present," he said, unless, cr. "
at which the other recent British this country could try -to tap the course, the- coupon was ver - -
Issue, Selection Trust, ■' opened U.S. dollar sector again soon. much above general marke -
last week. Dealers attributed This Is thought more possible rates. :’•••"
tbe- better, perform ance- partly to' since there , is such, a shortage of • ' 1 •
the fact- that Fisons is a better borrowers at present In general -• - BONDTRADE INDEX
known name.. But- the main factor however dealers thought Such an ~ .-
was ,itr_ much' . smaller size— issue unlikely- Yesterday Tuesday -
k 1/
. \ I -
Selection Trust bad been closed The DM35 ia. issue cannot be Medium-term
at $50m:, more than double the regarded as a true test of market Long-term %
size of the Fisons issue. Selection views on' South Africa, one Convertible
10190
96.13
111.60
10288
96.14
1LL40
Faber sells Pahang stake
.. . , .. , _ . years, smaller producers assets." mission which was ordered by
their exploration costs. This h ave use( j “full costs Smaller producers say only the Congress to produce .uniform — —
woum replace the popular lull method which charges the costs bigger companies can afford to- accounting rules for the oil and continuance of the "West German
cost method. of all exploration, successful and use- the "successful efforts" 'gas industry by the end ot tnis subsidiary, XOX-Nabisco, and a
Under, "successful efforts” unsuccessful, against earnings method. “'We would be unable -year. The Board will not make writedown, of the company's
rules, all the costs associated over a period of yea rs ; to report earnings in some the rules final before it has bad investment .In Aurora Products
with finding and developing sue- - Thus smaller concerns could, years." one company said, “and public reaction to it. Corporation.
STAUFFER CHEMICAL
KRAFT INC
BUDD COMPANY
EATON CORPORATION
AMERICAN HOME PROD.
Second Quarter 1WT
Revenue 293.7m.
Profits 20.2m.
Per share 0.92
Six Months
Revenue 693.Sm.
Profits 66.1m.
Per share 3.03
1W Second Quarter IWT 1974 Second Quarter 1977
s - s s s
265.9m. Revenue 1.291 bn. l,230bn. Revenue 332.3m.
26.801. Profits 41.2m. 36.1m. Profits 14.6m.
1.24 Per share 1.47 1.30 per share ...... 2.07
Per share 1.47 1.30 share dil 1.77
610.1 m. Six Months
71.4m. Revenue 2.574bru 2.472bn. six mmo»
3.30 Profits 79 Rm. . 70.34m. Revenue 649.8m.
Per share 2.85 2.52 Profits 26.5m.
Per share 3.90
1V76 Second Quarter 1977 - 197b Second Quarter 19T7 19Tfc
S - S -r - S S S
298Jm. Revenue 550.0m. 464.8m. Revenue 689.41m. 622.90m.
10.3m. Profits * 29.7m. *28.6ni. Profits . 69.64m. 64^3m.
1.60 Per share • 1.71 1.66 Per share 0.44 0.40
IM Six Months Six Months
Revenue l.tJ44hn.'.0^9hn. Revenue ...... 1.4hn; l.Slbn.
. - Profits 53.8m. - 45 Profits ' 148^7 m. 137.60m.
564fim. Per share 3.09 2.61 Per share 0.94 0.86
16.9m. r
2.62
BY WONG SliLONG KOAIiA LUMPUR. July 20l
FABER MERLIN Malaysia, the' the 8.85m. shares it bolds, in
hotel and property group, is to Faber Merlin for one ringgit per
dispose of its entire holding of share. The buyer is Sentosa
25.11 'per cent, in Pahang Con- -Plywood,
solidated. This is seen as a .. . Faber - and Pahang . were
further step in the way for the suspended from the Exchange in
two companies to get relisted on . June ^ year -when it was
the Kuala Lumpur and Smga- alleged - that their directors
pore Exchanges. -might have been engaged in
F 5? er M m Un said c ? hc massive insider trading,
is Mars Finance Sdn. BHD.,
which will pay cash consideration "^-Tbe Malaysian Government
of 14.46m: ringgits for the 9-6m. Capital Issues Committee had
shares. This gives a 1.5 ringgit Imposed stiff .conditions • for
value to each Pahan Consoli- their jelisting, and the diverting
dated share. . of the respective shares is be-
. in the other, development, lieyed to be one of the terms laid
Pahang Consolidated will sell off down by the C1C.
KOPPERS CO.
TIME INC.
Share dil
3.31
2.19 MOTOROLA
ELI LILLY & CO.
- Second Quarter 1W7
Revenue 340.6m.
Profits 19.5m.
Per share 0-78
Six Mtraths
Revenue 603.7m.
Profits 22.Sm.
Per share 0.91
1971 Second Quarter 1977
s s
309.5m. Revenue 311.2m.
18.7m. Profits 25.1m.
0.75 Per share 1.34
Six Months
546.7m. Revenue 579J2fn.
33.1m. Profits 40.2m.
1.32 Per share 1-98
1976
265.4m.
20.1m.
CHEMICAL N.Y. COBP.
Second Quarter
Second Quarter
1977
25,6m.
1.76
,1.00 Profits
Per share ...
494.2m. six Months
30.7m. Profits 50.1m.
1.53 Per share 3.44
197S
s
21.9m.
1:52
42.3m.
293
Revenue „ ...
Profits
Per share- —
Six Months
Revenue 879m.
Profits 5L8m.
Per share • 1-71
197? 1971 Second Quarter 19T7
S • 5
465m. 391m. Revenue 369.0m.
27Rm. "23.1m. Profits 54 J»l
:. 4h92 -. 0.76 Per share 0.78
. - Six Months
..745m. Revenue 768.9m.
40.8m. Profits .... — - 117.8m.
US Per share — ... 1.70
197»
S
331.0m.
50.5m.
0.73
693.9m.
llL9m-
L62
This mamvnaanad appears as amaUerpf record only.
US$7,500, 000
The Iran Knitting Company
May gth, 1977
Guaranteed by
The International Bankof Iran and Japan
(.Associated with The Bank of Tokyo, Ltd.)
First Boston (Europe)
United
Arranged bj
Dow Banking Corporation
Provided by
Dow Banking Corporation
Western American Bank (Lurope) Limited
Iran Overseas Investment Bank Limited
Lloyds Bank International Limited
Mellon Bank, N.A.
Agent Bank :
Mellon Bank, X.A.
This advertisement appear® “ » mattafol record only
Blue Star Line Limited
Elierman Lines Limited
Port Line Limited
US $50,000,000
Medium Term MiiW .Currency Loan
In connection with the Container Ship ACT 7
arranged and managed by
National Westminster Bank Limited
provided by
International Westminster Bank Limited
and
The Royal Bank of Canada
JunafflT
Six Months
SC • sc
1977 1974
Revenue
4lL2m. 363.5m.
Profits
37.8 m. 25.5m.
Per share
2.11 1.47
t.
|INA CORPORATION • li .
Socanri Quarter .
• 1977 1978
- s s -
Revenue
-886.3m. 709.6m.
Profits •
43.73m. 17.60m.
Per share .....
L8S 0.76
Six Month*
Revenue
1.70bn. 1.371)0.
Profits
75.9m. 36.67m.
Per share
3.26 L59
BRANXFF INTERNATIONAL
Second Quarter
1977 1918
Revenue
S S
192m. 165 Jm.
Profits
9.7m. 6.2m.
Per share
0.48 0.31
Six Months
Revenue
373.9m. 325.9m.
Profits
16.3m. 8.8ra.
Per share
0.81 0.44
AMERICAN CAN
Second Quarter
1977 im
Revenue
s s
925.0m. 796.4in.
Profits
29.54m. 24.86m.
Per share
1.50 1.28
Six Months
Revenue -
1.69bn. 1.54bn.
Profits
49.5m. 44.32m.
Per share
2.50 2.24
PFIZER
.Second Quarter
1977 1978
Revenue
s s
487.3m. 456.8m.
Profits
38.9m. 37.210.
Per share
0.55 QJ53
Six Months
Revenue
969.9m. 911.9m.
Profits
79.3m. 75.1m.
Per share
L13 1.0T
ARMCO STEEL
Sfcuod- Quarter-
-■ 1V7T 1^78
Revenue
s s
9 17.7m. 821.4m.
Profits
30m. 3 1.6m.
Per share
0.95 1.01
Six Months
Revenue
l.Tlbn. l.57bh.
Profits
36.2 ni. 64^m.
Per share
1.10 2.07
BURLINGTON
NORTHERN
Secaraf Quarter
7777 1978
Revenue
S S
529.7m. 459JSm.
Profits
14.6m. 8 im.
Per share
1.12 0.62
Six Months
Revenue
lD2Sbn. 0^94bn.
Profits
58.3m. 33.7m.
Per share
4.57 2L64
ST. REGIS PAPER
Second Quarter
WTT 1918
Revenue
5 5 ;
4«o.0m. 426.2m.
Profits
24.47m. 25.94m.
Per share
1.01 1J09
six Months
Revenue ......
90.47m. S26Jm.
Profits
40,13m. 47.47m.
Per share
1.65 2.01
GEORGIA-PACIFIC j
Second Quarter
1978
Revenue
5 5
938.8m, 782.4m.
Profits
67.9m. 55.4m.
Per share
' 0.67 0^6
Six Months
Revenue ......
l.Tlbn. l 45bn.
Profits
123.7m. 107 Jm.
Per share ......
1.22 LOO
MARINE MIDLAND BANKS |
BOISE CASCADE
Second Quarter 1971
S
Revenue . ...... 591.3m,
Profits 32.6m.
Per Share ...... 1.10
XVK
s
509.6m-
27.6m
0.94
Six MOflthr'
Revenue
Profits
’Per Share .....
*. :
Lilbn. ■ 0.91bn.
56.7m. 44.5m.
L82. 1.51
OLIN CORP.
’ Sccuud Quarter
1977
2978
. S
S
Revenue ......
387.1m.
376.0m.
Profits
27.8m.
25.0m.
Per Share .....
2.31
2.10
Six Months
Revenue
769.4m.
723.5m.
Profits
49.7m.
45.5m.
Per Share
4.13
3.82
PPG INDUSTRIES
Sacund Quarter
1977
1976
5
S
Revenue
640.4m.
567.9m.
Profits
43.0m.
43.0m.
Per Share ......
1.3S
1.38
Six Month*
Revenue
lJ21Sbn.
1.090bn.
Profits
78.2m.
7S.0m.
Per Share
2.51
2.50
RAYTHEON
Second Quarter
1977
1976
S
S
Revenue
712.8m.
598.8m.
Profits
29.5m..
23.0m.
Per Share ......
0.96
0.75
Six Months
Revenue'
1.374bn.
L.lTlbn.
Profits
5229m.
40.9m.
Per Share
1.71
1.34
DIAMOND SHAMROCK
■
Unilever meat
BY MICHAEL VAN .OS . ’ AMSTERDAM, July 20.
UNILEVER’S problems with the ;carrfeff out by independent
Dutch trade unions over its pro-- experts.
posal to cut jobs in its troubled The unions earlier threatened
meat sector in Holland by 1300, industrial action if Unilever
were eased to-day after- the carried . out its reorganis ation
company indicated to trade plan for its _ meat interests,
union representatives its willing?' which would involve a reduc-
ness to co-operate with a study . In jobs from 4,300 to about 2300
into the meat problems to bd in a two-year period. . . •
Bally property
count demandei
By John Wicks
ZURICH, July 20 ..
DETAILED information on th<
'Swiss real-estate holdings a v
the Bally shoe group has beei- ■:
called for by the Swiss mlnistr,
of justice from ten companie -
of the: -group in Swftzerfaa'.- - :
and from' Werner K. Re;.-;
shareholder -and vlce-preslder .' -
of parent undertaking C. U--;:
Bally AG* Zurich. The info '
motion is required by tb^r*
ministry in connection wll- - ^
Swiss regulations governing tfi;. :
purchase of property in th
country by persons reside]
abroad. . : ‘
- This afternoon, C. F.- Bali-'- ! :
general manager Dr. H. J' *-
Bachroann said It was not yi - ‘
known whether one-half *u' '-
more of Bally assets were l- :
the form of real estate. Shou.-
rthls prove to be the case, t)
concern would count as a r»"'
estate company within tl ' : .
meaning of the so-called “Fn :
gler law” In which the regul ■'
turns’ In question are contalne
It would, said Bachman n, a
for difficult valuations to asn-
tain the real-estate share
Bally’s assets.
M
l k l
SELECTED EURODOLLAR BOND PRICES
IwiD^DAY INDICATIONS
Md
100 *
0Si
1031
STRAIGHTS
Alcan AlutrAHa Sine 18S5
AMJEV 8 pc 1087 .
Australia 8Jpc 1891
Australian M. an(j>S.^ipc
1983 " *-h
Bowater fltpc 10W 1WI
Canad. N. Rwy. «*pc MBS ,10»
Credit National Rpc 1938 IDO
Dnraiark Sjpc 1884 — UK*
ECS Opc 1993 I0»
EIB 81 PC IBM — . Uni
EMI 0*PC -1089 Ml*
Ericsson Sjpc 1989 190*
Esso Spc 1980 Nov. 104
Gt. LaKes Paper BJpc 1984 100*
Hamersley 84 PC 1992 103#
icr sipc UW7 m
ISE Canada 81 pc 1988 .. IBM
MaomlUau Bloedel 9pc MBS 1902
Massey Ferguson Woe 1991 104*
MlcheUn fllpc 1988 .. . ,1034
Midland Ini. Fln.'SSpc 1936 I0H
Nat. Wesunloster 9pc MSI: MSI
NevfoumUand Opc 1989 ... 102*
Norses Kamm. Bank 8Jpc
1WJ - — . 1»
Norptpc 81PC 1989 191}
Norsk Hydro SI PC 1992 ... 991
Oslo ipc 1988 — 102}
Poru Autonomies tec 1992 in}
Prov. Saskaictr. 8Jpc 1980
Quebec Hydro tec M92 ...
Peed Intel. Opc 1987
Selection Trust BiPC I960
Strand. EndkIMa Bpc M91
SKF Spc 198T
Sweden (Kadm.) 81 pc 1987
United Blsculte 9pc 1989 ...
Volvo Spc 1987 March ..
/
BM --
Offer-
Bid
Swedish State Ot- Tlpc ’82.
894
KM
Beatrice Foods 4)pc 1992 ...
99
TenneoD 7|pc A987
97}
9S
Beatrice Foods 4{pc 1093...
109
Valkswaasn <7lpc 1887 • ~.
99
90]
Borden tec 1992
109)
Broadway Hale 41pc 1987
81*
fO. MARK BONOS ■
Canon Camera 7]pc 1989 ..
IM
Austria Blpc 1983
1021
103)
Carnation tec 1987 .........
88 }
BFCE 7DC 1987
.1012
102 }
Chevron Spc 1983
140
Denmark sine 083
101
ion
Dart 4}pc 1987
85
EIB 63 PC 1984
ira
un
Eastman Kodak 4) pc 1888
93
Croud Met. Toe .198*.
100
1003
Economic Labs. 43 pc 1987
81}
ICI 6}pc 1987 ;
100 }
101
Fed. DepL Stores +ipc ’85
97
Montreal 7pe 1987 .
100
urn
Wrest one Spc 1988
89
Norsea Gas 7pc 1988 —
101 }
102
Ford Spc 1988
98)
Nan* Hydro 6iPC 1883
100 }
101
Ford Spc 19S8
88
Norway 5Spc 1982 —
160
100 ]
General Electric 43 pc 1987
92
Shell fitee 1980
104]
103]
Gillette 43pc 1937
80
t.
iete F
Sweden 6* pc 1984
World Bank Hpc 1387
101 *
99}
102 }
1U-
102 }
893
100}
973
101 )
9S
99}
ioi :
07)
MOTES
Australia SI pc 1983
Boll Canada 7 )Pl- 1987 ...
Brit. Cottunbla Hydro 73 pc
19S5
Cau. Par. 9ipc 19R4
flow r; hem Ion | Spc IBKfl ...
ECS 7ipc 1982
EEC ijpc 1982
EEC ilpc 1984
En«o Ciiitze.lt Mipc 10S4 . .
Gotawrken spc 19S2
1032
1001
1041
ioo:
FLOATING RATE NOTES
Bank of Tokyo 1980 Spc .. MS*
BFCE I9n 84 PC 99}
BNP 1083 61 16 PC 98)
CCF 1983 ,7pc .... — ' 109*
CGMF 1984 SUupc 97|
Creditanstalt 1984 Kdc — 97)
Credit Lyonnais 1883 Glpc 09*
DC Bank M82 ftfec 99}
CZB 1981 7)pc — 1001
1QL Westminster 1994 tec... 89}
Lloyds 1983 7*pc — IM)
LTCB 1982 »pc 99
Midland MBS Spc 1021
Midland 1987 I9UPC 971
OKB 19S3 6* pc 99}
SNCF MSS GlpC 871
stand. Sc Charid. 1984 6 Ipc os'*
Wni*. and Ghrar 1084 64 pc 33S
Source: White Weld Securities.
CONVERTIBLES
Aoi'-rlcna ExpreH <lac 'ST W
1«
m
9HI
101
881
9S*
10H
m
191}
98}
1011
994
103*
951
90}
98)
»
89)
Ashland tec 1988 97
Could Bpc 1987
Gulf and Western 5pc 1988
Hair is Spc 109!
Honeywell Bpc U8G .........
ITT 4ipc 5987 .
Komatsu "Ipc IBM
J. Ray McDermott 4JPC *87
Mitsubishi Elec. 7jpc 1991
Mitsui 7} pc 1990
J. P. Morgan «pc 1987 ...
Nabisco 5)pc 1988
Owens Illinois 4}pc 1987...
J. C. Penney 41 tw 1BS7 ...
Pioneer 64pc 1989
Raymond 84pc 1983
Revlon 4) pc 1987
Reynolds Metals Spc 1988
Sperry Rand 4}oc 1987 ...
Soulbb 4|pc 19S7
Texaco 4} pc 1988 ........
Toshiba Bipc 1990
Union Cartilde 41pc 1982 ..
Warner Lambert «pc 1887
Warner Lainb<>n 4|pc 1098
Xerox Spc I SV
118
83)
128
90
ST
104}
1634
129}
105}
107
1044
12B
814
183
159
107)
98
87
83
95
110 )
102
85
SI
Bit
ina.Tcier
el F
9:
per t ent
97)
101
101 }
»
Bill
971
98}
101 }
Second Quarter
Revenue
Per Share
Share dil
Six Months
Revenue
Profits
Per Share
Share dil
MT7
s
381.7m.
49.80171.
L34
1.25
M7B
S
347.6m.
35.57m.
1.02
0R1
737.3m.
77.3m.
2.06
1.94
682 Jim.
67.1m.
1.92
1.72
Rock unis tec 1983 IN.
MichcUn Slptf 1W3 —
Montn-al Urban fllpc 1981
Nat. Coal Board RE pc 1981
New Brunswick Spc 1W4 .
New Brunswick Prov. Sloe
1083
New Zealand 81 pc IBM .
Nordic Invest. Bk. ripe W
Norway 71pc J8X!
Ontario Hydro Spc 1B87
Sinner flipc 1982
S. of Scot. Elec. Pine 19Bt
Sweden rRndm.1 74pc 195!
101
101 }
102
IN
OS}
]QW
IBS
m;
ot:
iri|
M
102
un;
1011
1024
UI2I
loo;
103
1011
974
03)
IM
102 }
IM]
982
lai;
102 }
to)
«l
1004
163}
ton
mi
Stauroe: iQddrr. Peabody SecurWi
Weekly net asset value
i on July 13. 1977
i
^ Vale dt-;
Tokyo Pacific Holdings N.V.
U.S. $ 40.44
^ b ‘-nini ( . r;;
w
Second Quarter
1977
S
rra
s •
Profits
3.97m.
3.22ro.
Per Share
Six Month*
0.31
023
Profits
9.37m.
4.49m.
Per Share -.. MH
0-74
0.35
^ Uh'
Tokyo Pacific Holdings (Seaboard) N.V.^erBa n i. 1 v
U.S.S 29.48
Listed on the Amsterdam Stock Exchange Jjjtra] e
Intonnallan: Pierson. Holdrittg a Pterroo MX, HorengracM Z14. Amstt^hisf}i.^ •>.
ZZZZ -
r r
i
These securitiBs having been sold, tius announcement appears as a ms iter of record only
&
20th July. 1977
KOP
V;:
-3*
Kansallis-Osake-Pankki
i. ’T
-S?
vl -:
(Incorporated with limited liability in Finland)
US$3QOOQOOO
Floating Rate CapiteJ Notes1983
V
. i • :& ■
European Banking Company
Limited
-.---iag
1
rr r-^.2bt
/—taw
.. 'W
Credit Suisse White Weld Limited Banque de Paris et des Pays-Bas
Kredietbank SA Luxembourgeoise' Manufacturers Hanover Limited
Nordic Bank Limited
Westdeutsche Landesbank Cirozentrale
Union Bank of Switzerland (Securities)
. Limited
s:-
vV-.-.v • -
.1-- :• . .
'.r *£&
V<- . ■ .
.. w
A. n lUi
►JcW'fC . ‘
!>'**■ •• • •
-
I
Ti
FtamdaL ttees Thursday My 21 ,1977
R NATIONAL FINANC
^ l A *
siniu
wer
bbal bank
ladi
AND COMPANY NEWS
PACE of international
\ radios: slowed slightly in
N :st
venture with Sentrachem
BY OUR OWM CORRESPONDENT
JOHANNESBURG July 20.
,*> «•»«•»« *«* « e - 0 ' f sStataSSS'jfi?^
lv ie Bank for International .Tate and Lyle# Js teaming up ing, for the dispersal of oil slicks detergent plant is estimated at
i DOMESTIC BONDS
Frankfurt
coupons
edge lower
quarter of this year irL^vo SUGAR ESTATES, the ties in the laundry industry, for outlet.
National Bank looks into
Credit Suisse allegations
T*- •
r«*.
f* *»-■
L.'.ienis (BIS; reports. Its;’ with the giant local chemical and in the manufacture of reaps. R2m.
report on international Eton?. Sestrachnn# to study the
shows that total nftcraal : fhaaibiUty of usM : sugar a, a
■r._- - - * u - , :0asc for manufacturing a m
t '.of major international j "SJ naUve base 10 oil for a number J.°°k? am ore liberal <Hvi-
V'**? 1 *^ isBSAS!? ttSST * s “* “ «““• Ms. sssstsx
Sentrachem believes that sugar Whatever the outcome of the
couM be developed as .an alter current investigation, Illovo
native base to oil for a number ,ooks wt * or * more liberal divfc-
$547bn. and compared | A joint team Is currently EnaJJs-
,160bn. at end March last I ing a viability study and depend*
Ssrr-..
P ih.
f wiu
-. V »ver, the BIS said the fall
.se assets should sot be,
as Indicating a sharp | detergents
7 in the upward trend of
*’• international lending.
’■ \sed Eurocurrency credit
Ni'S which tend to fore-
N changes in actual bank
- y fell S2bn. on the previous
' $8.1bo. but were still
- ./rent, above the quarterly
. ^ for 1976 as a whole.
inn
*
.-.I*. •
lit' *•'
*ib.
7i !n _. „„ for additional depredation based
on aTavourable PrquMUca- P' aDS f ° r sugar J^and despite tile pnSwSy
^«rSpajt in ttszraszxzt arts
The technology Inrsugar-based at an unrealistically low J ut *» ££
tergents wasdevejoped by Tate ,CT »1 of 14 per cent. sbm. jg j a ifo e with the
and Lyle. These detergents have _ Illovo bad built up cash bold- growing trend for Alternation ally
the advantage of oeing fully mgs to R3.4m. by the end of last owned companies to increase the
biodegradable atm non toxic and season which , are now seeking payout ratios of their SA sub.
have wide application possibiii- for a more attractive investment sldiaries and associates.
AEG! injects R4m. into Triomf
JJj^dal Times Reporter
FOLLOWING LAST week's
mu Mint reduction la the
Lombard rate (to 4 per cent.)
oy the Bundesbank, domestic
bond coupons in Frankfort
continue to move lower. Terms
for the DM20ftm. City of Ham-
ourg Issue were fixed yester-
day and the offering Is to carry
a coupon of 6* per cent -
BY JOHN WICKS
BY OUR' OWN CORRESPONDENT
JOHANNESBURG, July 20.
lationa) financial mar-
Fate for balanced wy.' AECI . Sou* Africa ' s Principal able floor price contract with the Louis Luyt. have not found it
inancing. although many » chemical and explosives group. French Gatocean group. as easy to ante up the additional
fcis preferred to draw [is injecting fresh equity capital But with Gazocean now in ^*P 1 W; Luyt has put his personal
■existing
deposits
rather I into Triomf Fertiliser Pty.. \he receivership, the " backstop has *J*”**J V ® ^ et . U P. f or sale and
- nv ""” ,r dosed down one of
profitable divisions to
, l - D up new debt (owner of an.JUOOm. phosphoric ^eo removed and the plant h^s f2f °?
•• *i-
mrir-
w*.-
'%**y
-et basis, the size of a. Uu ptam at «» «w port of *£ ££
rket expanded by S8bn. j Richards Bay. operating in December The speculation here is that
‘‘’.bn. in the first quarter. . AEC i ^ * minority 49 per KnrihZi- u,uuh next shareholders are called
f ^ "tartoldta, in th, s Z. BS?m °^ro 1o ttfe P roi«t “ h °„« S?^;J riom 'T n
. ture. the sedic^partner being ^ now forced the sSeholdSs iprr
-/'in *S? *«;»■' Joal-notittafsroap. Triomf® to put InVm.'S oow ospitsl, ‘SSfriZSZ^L
*. The BIS said that the! V? conceived th f Thf la P sed - filing 40 per »nt. fol
Mn area Itself was the smidst the boom^. In .phosphoric until foe end of the ye^. The ^ past AECI could well?
: i-'ipplier of new. funds in !*<jid prices and was highly geared ?L at , riot m p l rhf end “P wholly owning this un-
: te t quarter. Banks and with a quhrit nufa£* m mind. fortunate project which does not
v.kg in these countries | The downside dak .was meant to Project to over R-5m. look likely to become viable with-
al about S5bn. | have been eliminated by a profit- But Triomf, and its chairman, in the foreseeable future.
F '& '■
: deposits by -oil exporters
‘-'.6bn. to $47Bbh. which
'*■ S13.4fan. on the year-
■'leveL
m
rtU developing countries
;."lt up their Eurodeposits
jbn. to 823.4bn. Conse-
their net debtor posi-
‘ die Euromarket declined
:'>n. from $3.4bn. at the
1 1976.
Mitsubishi expects sales record
trv r
m. »■ a
TOKYO, July 20.
MITSUBISHI Corporation said total transactions against 27B consolidated income and re-
bere to day that it expects to per cent, a year earlier. The venue for the year to November
top its sales figure in the year impetus for this increase came 20, despite the strength of the
s 110 ”*" ^0. : . Yen against the dollar and
jeeted l0,000bn- Yen against the The company is now closing
Y9,600bn. for the year to March the private placement of $40m! i evcre market conditions.
31. 1376. For net profits, it ex- of 15-year convertible bonds in Reuter rep®™ f rom Tokyo.
S56bn. in March” I977~lpects to maintain the Y33^2bn. Europe, and is investigating the In fiscal 1975 net profit was a
S4.5fan. at end 1976 and -reported last March, agencies possibility of making a deposi- record YL36bn. on sales of
: 3 on developed countries
' * the Group of Ten area
. in the first quarter of
ar. In this group Den-
ld Spain were the largest
if new funds with $6Q0m.
0m. respectively. — ~ ■
report tary receipt issue in the U.S. Y 52.17bn. in the first half of
The company envisages import market, if such an issue can be vwMm
business aSn to be the front made in a “reasonable and was Y903m. onsaies
runner this year. . During the meaningful ” manner^ of Y30.03bn. against Y-KJoin. on
previous : period, imports * * .* sales ,of-Y23.66bn. in the same
accounted for 28.4: per cent of TRIO Kenwood expects record period of last year.
The Issue Is to be priced at
98J per cent, and will thus
yield 6.46 per cent, or slightly
more — at around &50 per cent.
— for institutions. The bonds
which have an effective life of
15 years, go on sale next Tues-
day and if present market con-
ditions persist they look
assured of a warm reception.
The most recent Federal offer-
ing — the June issue of 65 per
cent loan 1977-67 — was priced
at 99} per cent, hut stands cur-
rently 1003 per cent
THE SWISS National Bank
wants to clarify as soon as pos-
sible allegations of insider sales
of Crfdlt Suisse shares, the bank
said to-day. The Zurich news-
paper Die Tat this morning said
there had been tenacious
rumours _ that employees of
Credit Suisse and even 'a board
member had made use of inter-
nal Information to sell bank
Shares. In the case of the board
member, a large packet of stock
is said to have been -Involved.
Credit Suisse said to-day that
It knew of no insider dealings.
This confirmed the statement at
the bank's extraordinary general
meeting Ja Zurich on June 24.
held to inform shareholders of
the mis-direction of Sw-Fr\2.17bn.
of clients' -fiduciary funds from
the Chiasso branch to the Liech-
tenstein company Texon-
Finanzanstalt when bank chair-
man Dr. Oswald Aeppli had said
in reply to a shareholder’s ques-
tion that no insider transactions
involving Crtdit Suisse shares
were known.
Credit Suisse bearer shares
fell SwJFMO on the Zurich stock
exchange to-day to Sw.Fr.1.990
while registered shares declined
SwJr.i to Sw.Fr.375.
The purchases by the National
Bank of public authority bonds
from Credit Suisse at the end
of last month are now given as
totalling Sw.ST.243m. These
were made to avoid disturbances
on the market which might have
occurred had the Zurich bank
sold the bonds in connection with
liquidity needs following the
takeover of subsidiaries of the
Liechtenstein holding com pan v
Texon-FiaanzanstalL .
ZURICH, July#—.
The takeover of Texon
also led to a rise In the sin
domestic credit -uolixme^ hi «
month of May, the National Bn
states. ■ i -
★ * *
TURNOVER on the Zurich Stw
Exchange reached a record lev
of Sw.Frs.58bn. (SHUi-) «n-*«
first half of 1977. ,®f a ?9
Sw.Frs.53.75hn. for the cotre
ponding period of last year, p
number of actual transactlot
was lower, however, at 141 .It
(148.541). For calendar '1976 i
a whole, the Zurich boors
booked a 49 per cent, rise i
turnover to Sw.Frs.105.47bn. .
The Swiss share, index base
on Credit Suisse calculation
stood at 221.7 points yesterday
compared with 211.7 points-.'
year ago
One of the most attractive
features of the Hamburg Issue
is that it can be redeemed after
the first ten years of its life —
and annually thereafter. This
effectively means that investors
are being offered 10 year
money on 15 year terms. This
form of early redemption has
been adopted successfully In
the German foreign bond mar-
kets, but this Is the first time
it has been adapted to the
domestic market.
The present buoyancy of the
Frankfort market Is reflected
in the demand for bonds in re-
cent weeks. Net credit uptake
by domestic borrowers in June
rose to DMObn. from
DML5bn. In Hay and DHL7bn.
in June last year. Gross bond
sales totalled a nominal
DHT.lbn. against DM&abn.
In Hay and DH3Bbn. In June,
1976, according to the Bundes-
bank. Redemptions were
DM2.8bn. against DHL7bn.
In May and DH2Jbn- in June
1976.
ITALIAN COMPANIES
Commission to probe IRI, ENI
SY DOMINICK j. COYLE
Public . authority issues In
June totalled DtfUbiL, of
which DM2bn. were medium
term federal savings notes.
.This compares with a total
DM400m. of Issues' In Hay.
Banks sold a gross DM3J)bn.
or their own issues, against
DM2Jbn. In May, headed by
communal bond issnes of
DMl.Tbn. against DML3bn.
Issues by foreign borrowers
totalled DML6bn.- .
DISSATISFACTION by middle
to senior managers in IRI and
ENL two of Italy’s dominant
State-sector holding companies,
has now spilled over into the
S riitical arena, with a leading
mnmunist Party spokesman
calling for a change either in
the nature of the groups' manage-
ment organisations, - or else in
top personnel.
Meanwhile, it was announced
here to-day that a Parliamentary
Commission will next week start
an examination into the affairs
of both major companies. The
Commission is expected to hear
evidence from D. Antonio
Bisaglia, the Minister with
direct responsibility for State
Participation, and from the
chief executives of both IRI and
ENI. respectively. Sig. Giuseppe
Petrilli and Sig. Pietro Sette.
Sig. Petrilli, who is said to
have plans to leave IRJ in any
event and to seek a seat in the
directly-elected European Parlia-
ment, is on record as saying that
IRI and other State-sector com-
panies are instruments of the
State, and not poticy-inakers as
such.
What many IRI 'and ENI man-
agers are now complaining about
is that the companies are. and
indeed for a long time have been,
not so much instruments of the
State, but simply vehicles for the
allocation of party political
patronage.
Aw. Ensso Storoni resigned ss
vice-president of IRI earlier this
year, charging that the Govern-
ment was forcing the group to
absorb perennially loss-making
State and private sector com-
panies in the interests of poli-
tical expediency.
For the Communists, Sig.
Napoleone Colajanni, who pre-
sides over the Senate’s Budget
Commission, said with specific
reference to ENI: “ The manage-
ment as it has been carried on
during these years must be
changed: either Sig. Sette can do
so, or another chairman for ENT
must be found."'
ROME, July 20. :
Pirelli SpA
dividends
MILAN, July 20.
SHAREHOLDERS in Pirelli SpA
can look forward to maintained
dividends in the current year,
reports a Financial Times
correspondent. Repeating earlier
assurances about the future o
dividend payments, chalrmai
Leopoldo Pirelli said the cbm
pany should be able to-maintqiz
the 1977-7S pay out “ on the bash
of normal management, provid
ing profits are not affected oj
unforeseen factors."
Replying u shareholders ques
tions at a meeting which lasted
until late- yesterday evening
Pirelli said although the com-
pany — the Italian financial hold-
ing company of the Pirelli group
— could have paid a higher
dividend for the year enabd
April 1977, but it preferred Ito
set aside part of profits to cover
future dividend payments. Last
year dividend was L80. 5$et
profits were LllRbn., .-*>[
which L5.5bn. is being set aside
as a special dividend fund.
In the previous year wlj£n
Industrie Pirelli — the Italian
operating company of the
Dunlop-Pirelli union — had sub-
stantially reduced its losses,
Pirelli SpA declared break even
and passed the dividend, against
a payment of L50 in 1974-7
The recent capital increase
cost the company Ll^bru -Tof
which one-fifth has been debited
to the 1976-77 accounts.
d usoociusase?
MU, Sit .HSXATTC ’
X".
S i
1- .J
Thcse &curities having been sold this announcement appears as a matter pf record only.
' »*..
P
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SocieteFinahciere pour les Telecommunications
et TEIectronique S.A.
9£ per cent Guaranteed Notes 1983
unconditionally and irrevocably guaranteed as to payment of principal, premium, if any , and interest by
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a subsidiary of Jstiluto per la Ricostruzione Industrial (“IRI”)
1 >
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Basque Arabe et Internationale
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Credit Suisse White Weld limited
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Aktiengesellschaft
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Banque Bruxelles Lambert S.A.
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Compagma Enropea HotermobDure ,
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ok of America International Bank Julius Baer Internauonal Limited - Bank, of Credit & C ommer ce International
Bank. Leu International Ltd. Bank Gutzwiller, Kure/Bungener (Ovareeas) limited
Banque de lTndodune et de Suez Banque Internationale k Luxembourg S-A. Banque National e de Paris
Banque de Paris et des Pays-Bas Banque de Paris et des Pays-Bas (Suisse) SjV. Banque Priv6e SJL
Banque Rothschild Barclays Bank international Limited Baring Brothers & Co., Limited
3astogi International Ltd. Bayerische Hypotheken- and Wechsel-Bank Bayesrische Landesbank Girpzentrale •
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Ddfarudc & Co. : Den Danske Bank af 1S71 Aktieselskab - Den norske Creditbank
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Antony Gibbs Ho ldings Ltd. - Goldman Sachs International Corp. Hambros Bank Limited
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London Multinational Bank'(Undersvriters) Limited '• Manufactures Hanover Limited
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N. M. Rothsduld Sc Sons limited Salomon Brothers International Limited A. Sarasin& Cie
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Union Bank of the Middle East Limited Union deBanques Arabes et Frftnjajses-U^-AJ 1 .
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and has been provided by
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Bank Brussels Lambert (U.K.) limited
Cisalpine Overseas Bank Limited
HxH Samuel & Co. Limited
Italian International Bank Limited
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Banco di Napoli
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The* Fir^flcial Times Thursday July 21 1977
Miss Austen
regrets .
BY C. P. SNOW
separating black writers from
I Literary Women by Ellen Moers. white, though no doubt we are
I I W. H. Allen, £7.50, 336 pages going to have plenty of them.
' After those doubts, however,
Colette: the ultimate woman writer
Dr. Ellen Moers recently pub- Dr. Moers persuaded me* though
i' ished an admirable study of no t quite to the final division.
|i Dreiser, the only good book about in the extremities of theTuunan
I hat underrated writer for years state, and the writings that
,1 iasL She has followed it by emerge from them* even the sex
■i Literary Women, which has all 0 f the writer, much less race or
.* the qualities of the Dreiser book: class, does not count. It is the
^ [t Is highly intelligent, utterly individual— in the individual's
'independent (there can't be a flesh and hone — who matters.
•« literary academic alive more free Dr. Moers makes a strong case
j 1 From fashion), amusing, opinion- for women as writers of subter-
, a ted, continuously interesting ranean revolt, or protest against
|! and sometimes maddening. fate, because of their sexual
t n - Strongly recommended. This is (and social) condition. Thus
i r the kind of voice we badly need women writers were the most greatest of critical gifts. She make one think afresh about
1 1 in the Anglo-American literary passionate denouncers of slavery, gets totally . immersed in the writers who are really: - -well-
world. There are plenty of people because they knew what a subtle writer she is engaged with, so known. Colette. Charlotte
j: who derive a kind of comfortable kind of slavery meant .But muc ij s0 has, with part Bronte, Emily Bront^l .Jane
. pleasure from singing in unison, there can be a more profound of her imagination* become the Austen. On each of these .four.
1 1 Dr. M'iers doesn't. She wouldn't protest against fate, from those writer ■ Dr. Moers has things to ' say
I think that singing in unison was who are bom with a destiny — - ' nf identifl- which are noveL at least to -me.
( worth a high-class intelligence's which is irremediable. That iLa £» a loss of and many of them revelatory.
; time, and she would be, of course, need have nothing to do. with “*?, *°„ a “ * . ■ „ - , ‘
i right. sex. Dr. Moers ought to have perspective. If you have, i t i S speciaUy interesting to
' The justification for this book another look at Barbellion or ? nl3 L f0 ~ H % r * ea £ her ^atment bf -Jane
• is double, as the author carefully Bakunin or Leopardi. • tered into the creative self of Austen on money and marriage-
explains. First, writing, and above As might be guessed, from her Willa ic Jut?" .'“S 5 ^s.-word
all novel-writing, bas been the introductory tone. Dr. Moers is t0 a ”® I> . t 11141 ^o^hated from court-
, creative domain in which women a modest and sensible feminist 48 T® 1 * 1 ? 1 ;,,. ship). This is a. particularly
have by any standard, done’ best. By the bye. I refuse to call her results of this gift very fa r ou t- cool and realistic treatment.
That is; we should all agree, non- Moers. It is one of her few w ««h negative. It .gives which mo be accepted almost as
controversial. It couldn't possibly failures in taste, in a book where excitement, allure, humanity, to it stands— except that Dr* Btbers.
, be said of. say. women composers it wasn't easy to avoid them, to almost any writer she describes, writing about Jane Austen, for
or women painters — or at least it insist on calling Jane Austen by One has to keep ones head once falls into the conventional
I could be said, but only by an her bare surname, ditto Mrs. before - rush mg out to read them academic trap of talking of her
1 inflamed partisan who believed Gaskeli, ditto Izak Dinesen. Who a H- . _ moral judgment (as on -these
. that Rosalba was a better painter is this supposed to satisfy? The In cold blood, she has given financial topics) where the right
than Rembrandt. chief result, sor far as I can see. me an entirely new feeling for adjective both for the judgment
Dr. Moers's second justification is to irritate persons like myself. Elizabeth Barrett Browning, and arid her favourite heroines.
, isn’t non-controversial. It is that, who are well disposed to her to my own astonishment, I shall should be . sensible nr
by treating Jane Austen or Mrs. general line, but have a weak- now get hold of Aurora Leigh, prudent.
: Gaskeli or Harriet Bepctaer Stowe, ness for conventional social I didn't need persuading that doesn't affect. Dr. Moers's
• not just as a writer but as a manners. Mrs. Gaskeli was a very good argument or critical ifindings,
i woman writer. Dr. Moers can say That is trivial. Dr. Moers is writer, but it is pleasant to take |, ut s h e jj a tittle slapdash on
something more significant about a formidable critic with an the opportunity .of saying so sociology of early "l&th ;cen
her. At first reading, that went abnormally wide range. In the here. Dr. Moers may have tury England. The society '.was
1 against my own mental grain. I course of preparing for her book, tempted me to try again with appreciably more mobile than
- arn not easy with categories in she seems to have read, and Christina Rossetti qnd George gh e thinks, and if a boy (though
• such discussions, certainly not become famifiar with, a very Sand. But even Dr. Moers hasn’t not a girl) wasn't bom in the
such overwhelming categories, high proportion of all women tempted me sufficiently about depths of proverty. there' were
After all. women are half the writers in English and French. Fanny Burney. Mrs. Radcliffe, plenty of ways of getting into the
human race, and it didn't seem from the time of Fanny Burney or Madame de Geniis. church or public service-.*.’ - She
1 likely to give sensible results by till - about 1D50. with a number Apart from the general in- ought to skim through ■' the
making such a point of approach, of other references right up to terest of her theme, perhaps the Dictionary oj Naabnal- : "Bio-
■ I shouldn’t be happy about a book to-day. She bas one of the greatest
greatest value of her hook is to pnzphp and read more TroBope.
Franc’s dark night
BY ZARA STEINER
The
_ . _ , upon by the Dawes Committee disappointing apart from his French antagonism, he secured
fcnd of trench Fredosm- to handle the loan needed to work on the Montagu Norman all that was wanted. The con-
nance m ^ Europe: The Finao- initiate its plans for the rehabili- correspondence. Dr. Schuker has trast with France is obvious; the
?T nsls 1 « tation of Germany. Francophile placed J. P. Morgan and Co. steel and coal magnates could
Adoption or the uawes Plan | Q sentiment and rightly con- in the- centre of the international not agree on a common policy
n vinced of French economic stage and has rescued the firm and government advisers gave
eiooB 1113 ^^' t-napei prosperity, the Morgan partners from the wild accusations of the contradictory advice.
518.95. 444 pages imposed few conditions on their contemporary French left and
clients.
new
.. , c - . _ , . _ Dr. Schuker has brilliantly ex.
Nevertheless, from the more widely accepted plotted bis wide range of sour
Readers will find this book worried by the terms of the myths which have surrounded and haa presented his ronjelu-
highly pertinent to their con- Dawes settlements and con- the bankers' international opera- sions in an intelligible and read-
temporary situation. Stephen cerned with the possible reaction tions. These were financiers able form. The weakness of the
Schuker describes the events of of American investors to the partial towards France but book ties not in the details but
1924 when the French Govern- Dawes loan, the bankers came to anxious to see Germany restored in the general theme. There is a
ment, faced with the collapse of insist on political safeguards for to full prosperity and properly strong case to be made for- those
tiie franc, sought the assistance Germany which ran counter to concerned with, the financial who argued for the interconnec-
of American bankers and, as a French, interests but which the security of their American tion between German prosperity
result, lost a large measure of Herriot Government was con- clients. On the whole. Dr. a nd European economic re-
their diplomatic independence, strained to accept Schuker sympathetically illus- covery. The Germans could have
Neither Poincare nor his even The Morgan partners insisted trates" their reluctant interven- met. as Dr. Schuker argues, the
more confused successor, M. that the French take a share in tion In political questions at a jnndon schedules but much
Herriot had the political courage the new German loan and agree time when the American Gov- would, have depended oz> the de-
to force through the necessary to forego any future sanctions eminent was loath to take any velopraent of a broader political
tax reforms and financial re- should the Germans default on European role at all. and economic framework for the
organisation .needed to restore the new London schedule of The major European states- whole of Europe. The French
confidence in the franc without reparations payments. Unable raBn involved in the Dawes nego- may have had more to gain from
outside intervention. to sustain their position in the Nations are strikingly if some- a revised international structure
The author believes this un- face of both British and banker w hat harshly portrav’ed. There than from the more restricted
willingness to reform under- pressure, the French accepted an ; s ijttle sympathy with the some- policies defended in London. The
mined the success of the Ruhr international solution to the w hat muddled idealism of either -problem cocs deeocr. The i-**ry
occupation and fatally weakened reparations issue without com- Herriot or MacDonald and the title of the book is misleading.
Herriot's power to impose a pensation and with few safe- economic ignorance of the Was France left in a pre-
satisfactory reparations settle- guards for the future. Accordine French leaders and their opposi- dominant position in I919? Even
ment in 1924. In the absence to the author, the acceptance oF tion counterparts are graphically if France bad been financially
of an institution like the IMF, the Dawes plan began the fatal underlined. There are no solvent, her room for manoeuvre,
the French turned to J. p. erosion of the political and British heroes in this book. The as Po incar 6 clearly recognised,
Morgan's which was also called military position achieved by foreign Office, particularly Eyre was strictly limited.
France. Crowe. grossly exaggerated France was economics Jlv pros-
Dr. Schuker has worked in the French power and there is a perous in the 1920s but she could
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diplomatic, economic and busi- highly unnlrasam portrait of n nt dominate Europe. Th** roots
ness archives of ’ four nations Montagu Norman,, a passionate of her diplomatic weakness went
and in three languages. His Francophohe who was the main deeper and the changes needed
book seeks to expand the field of British contact with Thomas more complex than Dr. Schuker
diplomatic history by centering Lamont of Morgan’s. The Ger- susscsts. A French victory a'»
on those economic forces which mans emerged with all the trump the London conference would
played so critical a role in the cards when thev should have loct not have delayed that shift in
20th century but which have the game. Strcseman played the European halance of power
heen slighted by more tradi- his hand with astonishing which the author attributes to
tinnal historians. 'The author's dexterity both at home where he the French acceptance of the
use of the Morgan and Lamont heard but dismissed the more Dawes Plan. In attemntino *n
papers and the information extreme views of German heavy expand the scope of his discip-
gathered from the French and industry (prosperous and ex- line. Stephen Schuker has taken
German business archives illus- pan ding even at the height of too narrow a view of the deter-
trate what a rich quarry he has., the Ruhr crisis) and in London minants of international power
opened. The British side 15 more where, by exploiting the Angjp. and change.
Fiction
BY MARTIN SEYMOUR-SM1TH
Lastly, Latin America remains
Terra Nostra by Carlos Puentes, largely unexplored: the most
Translated from the Spanish exotic place in the world, mycb ;
by Margaret Sayers Peden, 0 £ astonishing fauna and •*
Seeker & Warbtu^. £5.90.. 778 g ora remains ...unnamed by .
pages •' naturalists. It is highly dan- '
The Death of Artemio Cruz by
Carlos Fuentes. ^Translated lnterior : Such “ eauty suc °
from the
Sam terror inevitably represent the
arburE. human mind. As . the lixnita-
.tipns of positivism, become
apparent, - so ' the bizarre and
Nelly's Version - by Eva Figes. frightening mixture - of- - the.
Spanish .by
Hileman, Seeker. & wai
£3-90- 306 pages
Seeker & Warburg. £3.90. 218 super-modem -and the. inscrut-
pages ably primitive ■ that is Latin
America increases in- fascina-
The Spear of Mistletoe by INigel
' BS’ iff**" *' Ke *“ PauL - Few of the major . Latin-
£4.95. -293 pages American writers of the recent
Raw Silk fiy Janet Burro way,, past have needed to be self-
GoHancz.' £4.9o. 314 pages consciously “modernist, and
their best work bas not been
rtfetf
. 1 1
O'
*"W*;
rtf , ; *•!
"ft 1 ‘
Eva figes: starting afresh
-su’&srs. slm sstiS&
iS intention^lunless yoif want to hotel in order to start afresh: '
SffSfJWi
stumble upon it What comjbina- who was early exiled toJEurope- ^
believes that she has forgotten --
^K fC JnThpr to anv denunciation — of Hispanism- The It is a promising theme, and the - ”.
JSSS ?2i 9, pS?„ dSsuSn ““teal character is the tragic firstperson narrative is never less /:
Vallejo, Huidobro and Neruda, significant extent draws imperialist' monster Philip IL who than interesting. But the author . '
t ii«™ r., in 1929 is here married to the virgin has tried to do too much. Con-.
HKThiS; cSSs Jhc “Vb"™ ^bassador.tn M* ; M*- -Mentis’ scioiu that she on oSer no aolu . .
Fuentes?
The answer -is complicated;
elements, ^re^S oj Artemio 6m ■™* HW ^
the belated recognition of the pnblished in 1962 and tionslaW ■ ^ 'P
I can discover few distinguish
wiXrV 1 Zl onA reissued wlthTcrio' Franco as- he is Philip. We have able dues, at this level, and ». r -
SK2SS* ^ ^ can only be described as “solution." For all I knov.
flies is revo
sw&smjs ssisafr:* • -
' lZ*“Z-^ s - 're^fution^l^ toes and red crosses hardly biame that. im herder
Se« y- i i 1 There XeiS? i ev7nte "S" ' ™ s
hMiiaimm ID hiitaiv of whom “ reconstruction.'’ " "■ entI y> to be - ^ writing is archaic. And now does this r«“ _
Pinochet is an appropriate living Fuentes abandoned conven- efficient, but tt never works with viewer have to stand up and Is*
AvamniP • rtonat realism onlv when he had thc novel. The last page is a that be does not snatch his bl Is •
It has' also produced men in U) do so. Terr? Norim. half-a singularly inept attempt to out- font this particular blend fv ' :
whom idealism has become so million words long (and- excel- h^do?'
distorted as to become equally lently translated), is a very that 11 ow most and lifting his goblet, he doc
bestial— the (originally) Argen- different matter. It demonstrates, J5JJ cd *L 1 S£ - • •
tinian Ghe Guevara is probably among other things, that Mexico s . ma ^ , ° g lo Yf - ^ .^only th.s klM of thmg. tt is thunder.
cn appropriate deed exemple. liata with Latin America- ere JS bort etaut -llfd Ss bnegMn Thor LDl ^
a historical study of Philip,; an BaMer. and other . favourites.
essay c on modem fiction, a Janet- Burro way’s new nov-
homage to L€vi-Strausa and an begins with the sentence “Th
account of bis dreams.; As it is moriiihg I abandoned my .on. .
Terra, Nostra is a - great ' dis- child”, and more or less kee
aonointment. His best- bonk re- this up. It is the story of
mains T\ls shortest: Aura (lfl«2). American woman ten years in.. . ...
• Eva Fines’ new novel NeUy's her maniaee who becomes awl .
Version is a - variation on - a of the division within her of c . . .
theme' 'made familiar to us hv and new: it is rescued from
Sairtit: the j* viscoritv.^ the slight • tendency towards the cc_
hideous slin/nnss. of the per- ventionally sen^",«n’al by r. -
past,' 1 'jwhich u« in cpn-J' stent sen-se of humour— a - -
teself - and ■ prevents our aeb’ev- it i« very professionally p
^authenticity and all that together.
Kress riches
BY DENYS SUTTON
Italian pictures, and it has also
f™™ .JJ* ensured that the collection has
Coll S^ n - y* E w ropC u 11 heen catalogued. It shows the
cShf ickS 1 ^ M 1,readth of the .collection that
no le ss than threemolumes were
655 pages, 502 illustrations required for the. Italian schools
Henry James may not have alone, and .much pleasure is to
presented in his novels such an he derived from perusing T
enormous range of characters as entries. Other volumes d
Balzac does in bis, but he had a with the sculpture, bronzes atfd
remarkable gift for depicting his decorative arts,
own compatriots. One of the most. This ninth and concl
fascinating of his creations is Mr. volume of the series, whjjfcb is
Verver. who was such a pas- devoted to the schools r other
sionate and discriminating art than Italian, . must / haye
collector and thus typical of occasioned its author, Prof. Cohn
many who have been active in Eisler, considerable wo7k- He
the U.S. over the past hundred had written his entries on a
years. lavish scale, so that 7 -some are
Mr. Verver would have appre- essays in themselves, He has
dated the energy and insight had to pronounce on early
of Samuel H. Kress, who was German or Netherlandish paint-
born in 1883 and who became ings and take in Flemish. Dutch,
one. of the most active collectors. Spanish works as well as a con-
Krcss met Count Contini Bona- siderahle body of French art.
cossi and was fired with the idea A task of this son is forinid-
of forming a collection of Italian able when so much more
painting and sculpture, a resolve known about artists than used
strencthened by bis friendship to be the case, and no doubt
with Bercnson. the specialist will find points to
Krcss's original plan to acquire- challenge in this catalogue. The
only Italian art changed with complexity of the problems that
time and the collection was face that cataloguer is shown
extended to include works from for instance, in the entry on
other schools as well as examples the. Master of Heiligehkreuz.
of the decorative arts. The The entries on the early French
latter group included the French paintings, in fact, are highly
furniture and porcelain from interesting and make it inipera-
Lord Hillingdon's collection and livp that Charles Sterling's long
the exquisite Adam room from awaited book on this period
Crnnme Court which are both in should he published soon,
the Metropolitan Museum. New The catalogue reveals the
York, and the Famous Barbcrini riches oF thc Kress collection
tapestries after Rubens and presenting splendid paintings
Pietro da Cortona which are at by Durrr. Grunewald. Rubens.
Philadelphia- Van Dyck. El Green. Watteau.
The Kress Foundation has Fragonard. David and Ingres.- Tt
underwritten a number of pub- is a nohle collection which has
lleations. which include a new heen published in a sumptuous
edition of Bcrenson's lists of fashion.
tvz“
li.
U.K. ECONOMIC INDICATORS
1977
1976 :■
- TS
MerTanous &Paul Rubinstein
THE
DOLLkR
This takeover bid would shake
the world 1 . And the people behind it
would use anything to make it
work - subterfuge, sex, influence . , .
but mostly money.
‘The intrigue is on a pax with that
of Len Deighton, Eric Ambler and .
Graham Greene.’ Wall Street Transcript
Peter Tanous and Paul Rubinstein -
both Wail Street men - have
written the most gripping novel
ever about the World of big money -
and bigger risks.
. AN ARROW PAPERBACK Z5p
In Short— Rising damp and flying saucers
. of the photographs, hut only but it can always hear re-telling, author's permission, ho h3s also
Norfolk Cottage by Ion Trcwin because I was greedy for further and Frcdd-ric Grcndel brings to tactfully cut). There are some
Michael Joseph. £4.95. 143 d ® tai1 - ‘ his account an impassioned svm- heI Pf«l illustrations. though
pages set nn conversion. I doubt the h . . . • even more would have been wcl-
book will put them off. Once an ? ner ’ come: and there Is also a select
— hooked on the idea of a place snasi.e. In ms lifer im«. and even bibliography.
away from if all. a streak nf afterwards. Beaumarchais was
*nie ceilings in the two up- stubbornness ( perverseness? }, savagely attacked, accused of
stairs rooms "sagged alarmingly attacks every sort of si rr and crime. Some
WILLIAM WEAVER
and showed sieiis of damp.” headed: and the intrepid author hipEriinhers have thin hint*rf Ancient Mysteries hy Peicr Hain-
therc was water penetration admits that what began as a .J . , . e , lXiU \ h " ted ing. Sidgvi-ick and Jackson,
through the old brickworsiaSd cold-blooded investment has ^behind all ihat smoke there ^ 17S pages
busy builders hadn’t the time become “ an alternative way of mU5t ^ aVe at least a bit of --
to take on repairs. let alone esti- Hfe. a release from the tensions Arc- (irendel denies all. His
mate their cost, because of the of the capital, an introduction to Beaumarchais is constantly . Like a space-man paying earth
constant rise in materials. These d« lc * ls of ihe country ...” 6 i nnpcI a c a insl. but seldom a sin- « y islt - Mr. Horning conducts a
are just a few 0 f the minor set- more could one fler , cscepl ln th anderstand . flying survey of those realms of
backs (drainage, flooding and JUNE FIELD ftbll . nhi„ speculation and non-sciencc
electrical problem? proved far
greater ». described by '
Trcwin in his evocative Norfolk
Cottage, a traumatic tale of con-
version in the countryside of
“ wheat, beet and ’talers."
As one who bas gone through
a similar baptism of fire coping
iitme Eiei n aer (except
JUNE FIELD ablc ., art / onabJ<? realm 0 f S „ K »J*cuiation ana non-sciencc
i ,T ls impossible not to like this vikiinp v" 5 our L,,” lod . e v , r ,‘I
Ion Beaumarchais by Frederic Gren- incredibly alert, generous, brll- Anri thls
General
Unemployment (’OflOs)
Unfilled vacancies COOOs) ...
Currency reserves (Sbn.)
Bank advances (£bn.)
Basic materials (1970 = 100 j...
Manfrd. products (1970 = 100)
Terms of trade (1970 = 100)...
Retail prices (1974 = 100) ...
Wage rates (July 197*2 = 100)
HP debt (£m.)
Industrial output (1970=100).
Retail sales value (1971 = 100)
June
May
Apr.
June
M* 1- .
1,4594 :
1^ 41.7
1,392.2 1^32.6 l^Tr~
168.S
165.4
155.7
127.0
12- -
11.57.
9.9
10.13
5.31
5 : -
15.952
15.879
15.915
14.466
144' j.
345.1p
348.1
349:7
299.6
29T . •'
2S2.4p
259.7p
255.4
217.0
21 V
80^
80A
79.6
79J8
7
183-G
181.7
180.3
156.0
is;;
May
Apr.
Mar.
May
A. - '
225.4
224.6
223.9
210.5
20 ::
2,836
2,782
2,737
2^56
Apr.
Mar.
Feb.
Apr.
M
103.2
103.1
104.0
102.4
10
2195
2)5.8
218 .1
195.3
'41111
-= tf
■s*
1P77
1976
Trade and Industry
Steel weekly average
Imports
Exports
(fob) (£bn.)
June
May
Jan.-
Jime
June
cooo
389J
389.8
407.4
432.6
3.068
2.860
2.S41
2.398
2.781
2.609
2.573
2.061
' ear endedS
Visible trade balance (£bn.) —0^87 —9.244 — 0^70 — f)J37 — 0J
Jan.-
Js
Cars COOOs) 5
May
I17p
A nr.
126
May
110
May
120
Commercial vehicles. (’000s) r
34.1 p
31.0
31^
32.4
Man-made fibres (m. kps.) '
47.67
52.27
50.90
33.60
Bricks (millions) *
433p
403
429
445
Cement, weekly average COOO
tnnnes)*.
312
296
277
355
it,. ^
Furniture (1970= 100 )tT J * ...
146p
135p
155
162
Houses completed COOOs) ...
25.9
23.9
23 .J
25.0
TV sets .COOOs) tt
Apr.
194
Mar.
225
Jan.*
Apr.
209
Apr.
170
Raw cotton, weekly average
COOO tonnes) §
1.98
2.07
Z22
2.35
Petrfilcura (m. tonnes th
6^62
7.721
7.357
7.052
w '°PSr*.r
*k. '■? fC- :
Radios, radlbgrinis COOOsjtt- s
303
367
.450
217
del. Translated from the Jtent man .of many parts. a
French by Roger leaves In h, s eagerncs, to be more
Macdonald and Jane’s. £635. than fair to the man, the author lLJStSi ubte ” makes fdScinatuIS
305 pages - is perhaps less than fair to the jR™* Haininc disentangles
dramatist, riiemiceac thn . . aiseniangies
Ha riimiinac tl,. Mr. Haining utiiciiuiiixm
impressively the roots of the
Beaumarchais is one or those llbretl ? of ***** Harare with ^‘^myrierics. Thcre ire
with closure orders, public verv famous authors ahm.t ,~h«m txccssive contempt, and he dc-
health inspectors and planning of renMittie h We votes Iinle space. to the conclud- VcL the^outMi^
permissions. I have no hesitation know nfcourso that S Ins play of the Figaro trilogy. ^ «L°SS!S
in prescribing this. as required u b ' arbier de u m / Te coupoble. While It is S wor?oflTritere Verae
o1d dl proport^wh«her r ^tiveIv XSfr i£ «?' W® iff 'StatfhS
rote eS i SrSUB& °P«?s_ «ade_from these plays in the extended theories that the
or noL
same
listed as
when there
the original
servin'*.) - - — — ..
many of us know about his vita! constantly nudging the reader, ings, thc Abominable Snowuian,
meaning of Stonehenge, th**
g of Atlantis, who. *v.i-
. . -- - ----- — ....... faithfully rnvoteA America and Unidenll-
t h. an i^ ly cn!!r, 'te The story of Beaumarchais’s reproduced the casual tone nf fied Flying Objects
is tne lack of captions to acme life has been told often before, the original (whic h, with the . - — _pavin.aa.in
c . . WB au.mvww UUUU1 1 113 till! 2 VUliamiiUi HUUnlli^ L 1117 JUdUCti lllfjb, |
Stcp-oy-step costs are given, activities as a diplomatist, or his commanding him to see things the mi
and nnwever hign, there is the interest :n aircraft the spnnhored which arc really quife visible, siting
consolation tnat now they wouid th** Mon^nlfier brothers)? Rpc**r Greaves ha.v faithfully rover**
Hosiery (1970=100)
Washing machines (WKNi* . .
Engineering orders on hand
(1970 = 1001”
Raw wQol.fm. kilos) 5
Machine tools
Electric cookers ('OOOs)fk ...
Mar.
9Rp
90.6
Feh.
T04p
102.5
Jan.-
Mar.
105
87J
Mar.
90
74.7
iu link*
■add
gll^. -a-,- -
92
11.9
36. 7 p
49^
92
10.2
3L2p
92„1
91.7
10 ^
34.9
76J
93
11.4
33.4
70.4
% >5 >
i
1977
1976
H,
hi
(£bn.
Consumer spending
. 1970 values)
Motor trade turnover <1972=
100)
Building and civil engineering
(£bn.)c * :
1st qtr. 4th qtr. 1st qtr. Year Y*
8.740g &955 SL876 35^71 Mtf- . '
202
li
166 174 V\.
3.069p 3-246 2A63 3431 2
* Production, t Delivcriea. + Net sales. § Consumption. »* Seasons
adjusted, tt All manufacturing industries. .'Excluding car rad",
tt Deliveries* U.K. made and imported sets. ‘ d Prices, rinclud --.
cooker grillcr toasters, c Value nf output. r United ws "«»•««« rv -v
N oasonaliy jdjusted. g First preliminary estimate.
-
- . . -- - cmiuwiir. P PrOVisiO)
figures, ft Deliveries of petmicum products for inland eonsumpl* r- ;
?■?; awtirfdft* r rom Feh. 19 » * figures will exclude radJOgrat - ’
k rrora March 1B77 figures ■.«» exclude cuokers under 5 kilowat :*■ ' *' •
/Tv
exclude cuokers under 5 kilowa).
The . Financial -Times Thursday July 21 1977
POST OFFICE REVIEW
Structural changes
urged by report
The Post Office Review Committee was set up on November 12, 1975. under
the chairmanship of Mr. Charles Carter, vice-chancellor of Lancaster Univer-
sity, with a brief to inquire into, and report on, the efficiency of the Post
Office.
Its terms of reference were: Post Office and Telecommunica- On industrial democracy, and
“To examine the performance t ions Affairs which i would advise the proposed plan (due to come
and main faturee of the ocean i- the Secretary for Industry on the into operation later this yean
sation of the Po^t Office and it-; operation of both corporations: for worker directors to sit on a
use of resoiS-ces Ind aSets- and • the adoption by the Post reconstituted Board, the Carter
?. .S? chin”. Office of a flexible prlclo* polio, Cnmnlttee J, lushly «pUe.L
would better enable it to ntr- in the mails: The report says. We do not
form its functions under the Post • the close integration of believe that this proposal for a
Offlw Act 1969- r"se« the Parcels with main letter traffic union voice at Board level is
policies, prospects and social and the possible ahandowoent of proper', *>,PP»r>«i I by a | develop-
significance -of the nostal husi- heavy parcels (aooie 3 kg). ment of true industrial
ness, including methods or • *}<? rapid adoption of the most Jemocrocy at the . level I of the
5 f' SU rSr SSSlnt:” teP BC fn*ent e Tn P, SSs af ma£
whether the Post Office Act 196ft • the adoption -f inl ^^tional etef
Expansion
in posts
BY JOHN LLOYD, INDUSTRIAL STAFF^
Profit ‘not criterion l
of productivity’
r ••* •*£**• f
’ v
financing it as a self-supporting modern telephone exchange PTl . e "' pI ma !f;
j; _ _ , . j-. j-. - , • i pnninnfpnr PRlPlli in Qocisions Ifl^Q6
whether the Post Office Acl l969 • the adoption -f inlemational close to the work place and
places undue restrictions on the comparative efficiency indicators affecting every-day job salisrac-
mend^ - 31111 ^ reco “‘ man:,Se,,W,lt *** [he" iSdfvid^l wo^ 5 ^ 5 ° f
m_n on*. , # the provision of better con- Aside from the structural
T*nuSrf°™97« 'com sumer service? and information, changes of splitting the Post
.'anuarj. lmo. ana lar^eij com- ihat hv i,. Office, and creating a new
Pleted its report within the 15 n X p^tTlffiee can neVe? advisory Council, the major
months it set itself. ? a U [! i!«bHpni from eawrn. recommendations In the report
It received evidence from 215 men* and should not be so. The 525"™ lhe n * ed r °. r the PflS *
organisations and individuals, of problem i* not gr.vvrnnient inter- Office—especialiy the postal
whom 45 also gave oral evid- Mention itself but its nature. services— to become more
ence. Tt had several discussions 3do?Uon pf th e recoin- ag?reSs,ve and flexib,e ,n lts
nr V Li' n r f? >p n Rn n , d r,« membe ,n mendation for a Council on the
of the Post i.*fni.e Board, as acll __j ToiiVAmmunix,.
aggressive
encc. m naa several uiscussions nf ihe rennm ,
with the chairman and members m JJ!f aH * dop A , ? n _ ,-ouncil nn lE P r i cin " and marketing policies,
of the Post Office Board, as well ? n e " d '' " ^nd Te^?ommSm7 a * n P art, - cu,ar - « recommends
as a number of senior Post Office J"!. 9fSS the Tenon adopt,on of , a s -' slen ? . 0?
executive*; tions Affairs wouia. me report shbrt-run marginal i-ost pricing
ecuuve.. believes. provide government in the mails to attract extra
The main features of its with detailed information on the business, especial] v from hulk
recommendations are: two organisations' workings, mail users.
• splitting the Post Office into while leaving the Corporations* • The Report of the Pn.it Office
two Independent corporations: managements as free as possible Review Committee. Cinnd 68 30
• the creation of a Council on to plan for the future. SO. £2.35.
9 the creation of a Council on to plan for the future. 50. £2.35.
Range of telecommunications
services 6 is revolutionary’
THE Post Office is responsible— vice enjoys a relatively high spare capacitv tabout 10 per
“by historical accident.” as the reputation, though it fails behind cent.) in outside customers,
report comments — for a variety the standard of service provided in structure, the Post Office is
of different functions. by some other countries, notably already target v divided into
It ha*= a mail carriage the U.S. It is Tar and away the posts and telecommunications,
monopoly: it carries parcels: it major domestic customer of the e ach with their own staffs and
provides agency services for British telecommunications regional and area organisations
government (For example, the equipment industry, and by However, there i« a strong board
payment of pensions); it runs changing or cancelling orders at w hich has executive authority
a telecommunications service short notice, it has “produced over
which is virtually a monopoly; violent and damaging nuctua- The repnrt comments '•Tlin
it delivers telegrams, runs the tions in the fortunes' of that structure leods itself all too
G|ro ta current account banking industry." easily to a style of ‘management
and * c ‘ ls dala processing **The Post Office record in tele- which is strongly centralised and
facilities. ■'ommunications." the report says, which continues the traditions or
The telecommunications dm- “deserves responsible criticism, the former government denart-
sion is the largest of the Post blu not lhe exercise of our ment.
yjjjce * interests. employing national habit of condemning all
Mr. Charles Carter, chairman of the committee and vice-
chancellor nf Lancaster University.
Separating posts
and telephones
expected F4 V uwvut«j
IFE«JFBSLT?V covered? 01 Fo” jwreels.'liowev.* J
increMed efficiency in the posUl anfl is set to make a much larger it recommends a "zonal pricing
services, the co m m ittee sees no Qne ^ year But th<? carter system pricing by distance. |
enio^a perlod^o^expar^on over' CoBlQ1 ^ ttee rejects profitability Moreover, and more irapbr- I
52 n«t P 5 ^ M ■ criterion for judging either tantly. the report recommends
PrnnnLu to dron the second P rod “ctivity or efficiency. the Post Office adopts the prm-
dailv P delUVrv are P rejected by The report records a “general ciples set out in the Govern-!
thp Yeoort. which sees the postal impression ” that telecommuni- ment White Paper. Nationalised ]
aldriTESta SSSSSitv MriS- raUons shows a steady-tbough Industries: a Review of j
“ 'uJ 5 ^r Undesirable . : ;
se r d fss^sris^ss x ssafs'susra^
-to wn£ed conclusive) higher productivity reference to the cost of parttcur '
2 in other rcountries. noUbly the lar goods and services provided. 1 ;
b >‘ us - -Japan and Sweden. Unless this is done, there is a.’,
and stands rd. char a cte rising Qo the postal side, interna- risk of undesirable cross-sub - 1
the present designations as a ijQQai comparisons, are even sidisation and consequent mis-, r
bad exeTOM io public relations. mQre dubious. But again, the allocation of resources." --s
It also thinks tb ? tanlor £ tendency of the evidence is that The specific method the report l
and iroui SneriencVd 1^1 does reasonably well, i t is out- kn oivT] as shorl-run marginal |
Post Office^ S oattern^ stripped, by other countries. CDSt pr i C i n g_a price related lo i
n n ih/> rr-nnrt As an the report lhe cost Incurred above the fixed " l
1 cites the case of lhe u - s - ff” 11 of cost for any particular operation. |
■ k doubtful it all tne relevant atat imun»ni -of thp Rp . ■ . , . . .. - I
factors have been considered by ( 2hIS?u*S* a rnonttS . Tbis ra ®^° d W0 “J d m ^ an , that -i
the Post Office. i ,cn the Post Office could quote lower_j
In particular, it doubts the |ffiSenc??Qdi cato rs based ^n\he priceS ' - sa - w ' fDr b \V k delivery of .
efficacy of very large mechanised ®2a t fve J oSrSma^cef of Com- llemi whM * utilised existing ,
,, Kill n n (nj, im Inal-flhl A tn loKfllir SSST JSSSf 1 r S “ mi wnEZ und f r ’ used ca ; a ^ y - . i
as being too vulnerable to labour f t recoimil ends that the Post Given the adoption of the mar- i
disruption and sabotage. nffiro-«w a similar anornach. giaal cost pricing system, and
Given the adoption of the mar- i
received
rhar?*£5b'^k n£ " 1 assets raore things British as though they evidence of the great ranee of
than £5hn.
The British telephone system
is the third largest in the world,
after the American and the
Japanese. Its potential for
were the worst in lhe world.
High standard
decisions which go up to the
central Board, and of thp
powerful control exercised with-
in lhe Board by its chairman."
The report identifies four
THE .MOST dramatic recom-
mendation of the report —
though not necessarily the aovt
.significant one — is that lhe
Post Office he split into two
autonomous corporations.
The new Post Office would
handle mail, parcels. Giro and
remittance services, while a
new Telecommunications
Authority would be responsible
for lhe telecommunications
system and for the Data Pro-
cessing Service.
The (wo corporations would
be managed by five-man full-
time Boards, with a full time
chairman. These Boards would
also include non-execuliv.e
members and possibly, at a
disruption and sabotage. 0ffice . adopt a s i m ji 2r approach, S^ai cost pricing system, and ■
However, it accepts there is. region by region. the dissemination of financial in-. |
a proper financial case for going On pricing, the report stresses formation to every management. j
ahead with mechanisation, and a c | ear policy is necessary for level in the Post Office, the com- .
recommends its widespread e ffi C i e nt ' management. It en- raittee believes the postal service
adoption as soon as possible, dorses the "Rowland HilJ prin- can reverse its downward trend.- :
The success of mechanisation ciple” — 3 uniform rate of post- and pick up extra business for':
depends on the widespread use a ge for letters based on handling some considerable time to come. ,
of postcodes. ' At present, less , - ;
than 50 per cent, of letters bear . . - I
The report recommends a pro- plnn AVI p Ypil £1 flCTf* CVCt'PVTIC ' S
gramme to convince the public JL lCa UI1 CAUIiailgC
“h»^l i be US m C ke n ?mmldiaW a S TELECOMMUNICATIONS is The report . reemnmends Ihaiji |
print postcodes in telephone seem « an expanding, relatively f™ en '
directories. successful area of Post Office thi"S faCtar ^ ;
Telegrams are seen as a loss- activity. -.-The major problems'. _ . . a8n th ■ t - • ‘ •
making service for which there are caused by growth. . . Fo r ^ e n r l ?° cLh^ 5 i '
is a declining need. The report ^ ^ tem known as stDred gj kn?w“ Ls System '
suggests the abandonment of he programme control (SPC) has as the S appropriate^ ^develo^-M :
® mer8ed 85 ^ raost efficieDt
S «.*' “iSKuiS ” d and fl€3C,bl e system for telephone Qf its adoption, and on the! i .
S the: i i
life and death messages.
The problems of the parcel
service are recognised by the
This uses solid-state devices in project.
iaier Stage, worker' represents- committee but it rejects the integrated circuits. The com- These risks are exacerbated by-
lives. alternative of abolishing it and mitte * recommends the rapid there being three competing
The committee argues tuere allowing other carriers to take Option of SPC systems in the suppliers in the tTK. who do not
are major differences between up the slack. most modem exchange equip- constitute a manageable team..--
the two branches of the present The m3jor recommendation is ment KQOwn as the rAb4. The report recommends the
Post Office telecommunications ror the Post Office to exercise a The problem in this area lies management of the System ;X
is capita! intensive and ex- virtual monopoly oh small par- outside the direct competence of project be strengthened by
panding and iho postal sen-ice .cels (up to 3 kg. > and to pos- -the Post Office. There is at separating the responsibility for
is labour intensive and shrink- sibly pull out of heavier parcels, present no proven British specifying and targeting the
ins. There should also be a more supplier of SPC systems, though requirements on one hand, and
Both require separate, dear realistic pricing policy, aimed at there are Japanese and American managing the project to achieve
The committee argues tuere
are major differences between
the I wo branches of the present
Post Office telecom munica lions
is capital intensive and ex-
ins.
Both require separate, dear
decision-making structures.
eliminating the large deficit suppliers. .
them, on the other.
Japanese. Its potential for In posts. Ibeconinuttee finds a The report' identifies four f^Ori^IlEITlPF
growth is still strong— the report similarly relatively high standard j,, 3 j or objectives oF the Post vrlloltlfiiwl
believes the number of receivers of efficiency. The po5ial business office 1
could be doubled. Tbe range of employes 170.000 and has assets q f 0 communicate to irrsnn*! fPl £J FlOHm
services, within the technical worth £266m. It collects, about * cnmDuiert.' messages nJ IvldllUlIO
feasibility of the Post Office, or 30m. letters a day. and delivers information initiated bf other • • i
about to become feasible, is wide them to any one of 21m. delivery p/rson* lor computers & CVt 1 1 Ol^Pfl
?i"„ d „ a ^- r ' P “ n b ' He '' eS ' reIOlU - po ‘ m! ' • ™Td pnSSi . men, of 111L.1SCU
Thorpnnrt ««• n o.hcrih.. However, the problems arc paying money to persons, busi- THE CARTER Coniniiuce is
could use the Ws‘em generally less easy to solve than nesses or official bodies: and in critical of tne Pom Offices m-
an automatic transfer nF f.mH- on ,he telecommunications <ide. certain circumstances, to lend ability to relate tn government.
frem h° accoum to ihat of a suo- Delivery points are increasing, money. to its staff and to customers,
pher. thus avoiding the despatch mechanisation is fraught with • "To deliver to any address in u is especially critical of its
of cheques through the post. He Pn* 1 *™*- costs are rising about the country and to transmit attitude to consumers. "Some-
rould dial access to a data bank 25 P" fa5tei : 0,3 " lbe 3bro ad t 5pod4 In small parcels times its customers get !he feel-
of almost unlimited size. He S eneral P rice Ieve-! and !hc d«spatched from any part of the j ng that thev are being
could command his messages to « rr,a 8 e *f parcels and telegrams country or received from ahroad. S raciou«lv porniitted to use the
appear as a facsimile or as a is extremely unprofitable. 0 “To perform on behalf of svstem."
typed document io j distant The Post Office is responsible Government departments certain ^ rejects th- “arms
office. for 1.583 Crown offices (staffed n on-monetary services to the 11 « -^"rv of relations be-
"His communication links for by Post Office employees) and citizen (for example, the issue of , » n ( ; 0 vornirient Dcpartmoots
private messages crwld be inte- 21.709 sub-offices, staffed on an f® 1 ™* . coupons _or British (jn ;hi , ca5c . h(? Department of
grated with those of broadcast agency basis by sub-postmasters. ' i^unrs Passports). Indus! rv) and the corporation,
service? carried by cable. ’ . The two types of message ^ ‘
enabling him to receive a great ,ro s - vst cm °ow has over handled by the Post Office are in practice, the arms vngth
range of audio-visual material. p00.000 account holders. In 19(6. t j, at transferred by telecom- distance ^ is too great. The postal
"Such possibilities have major “f, fees and charges raided m unications and that physically service is a monopo.v which can-
imnlif'glinnc fnr ntliiip infliiclhioc *^1.4in.. and interest OH Pd\- (..■nrpvnfl tlirniifili 'hr, m-aile HOl ^i*!' .'ill >1 iail. rjEl'l ThUS
THE CARTER Coniniittee is
critical of the Po«.i Office's in-i
- \
distant The Post Office is responsible Government departments certain rE , port rc j ec * s the “arms
for 1.583 Crown offices (staffed non-monetary services to th? lcn;lh ■■ theory of relations be-
links for by Post Office employees) and e ’_ I? 16 tween Government Departments
Ka into. >n "aa l .iAir A j ^ nPTrn rnunfirK nr Kri rt^n ... ^ r
coupons
(in ihifl case, lhe Department of
Industry) and the i-orporation.
In praclice. the arms length
disrance is too great. The postal
"Such possibilities have major “; s . ’
implications for other industries.
not least for tbe traditional trans- ,1,ents
mission or . written messages The
through the post." works
The telecommunication? ser- own business.
*** ,fe es and . charges raised mU nications and that phvaicaliv service is a monopoly which can-
£21.4in.. and interest on pay- con veyed throuah lhe mail*:. ’ not be allowed to fail, and thus
men is £15m. The report recognises that ihe governmeni mu-t take, and he
The Data Processing Service former is bound progressively to seen 10 take, an active interest
works largely on the Post Office's replace the latter, though never in ils affairs.
out entirely.
JOHN WADDINGTON LTD
SUMMARY OF RESULTS
for the year ended 3rd April 1977
£000
1977
1976
Sales
35.314
27.955
Profit before Tax
3.270
1.735
Shareholders' Profit after Tax
1.523
711
Earnings per Ordinary Share
29.36p
13.39p
Dividends per Ordinary Share
6. 4 54 2 op
5.8675p
Highlights from the Statement of the Chairman, Mr. R.E. Chadwick
® Sales increased by 28%.
# Pre-tax profits increased by 88%.
® Earnings per Ordinary Share up from 13.39p
to 29.36p.
©‘Property revaluation adds £1,81 1,000 to
assets.
® Rights issue to raise £1.3 million.
® Capital Expenditure to be substantially
increased.
We are now organised into two well -defined and -lohesive groups :-
PACKAGING & PRINTING,
and PUBLISHING.
Packaging had a good year and Printing did well.
We maintained our Games market share against stiff competition.
Valentines of Dundee Ltd. and its subsidiaries strengthened ihetr
position in the market in greeting cards and gift wrap.
Your company has record profits, a healthy balance sheet, plan-
for substantial investment and growth, a well proved management
team and a leavening of highly experienced non executive directors.
I shall retire after the Annual Genera! Meeting and Mr. Victor
H. Watson will be appointed Chairman & Chief Executive.
The :irohlem is how thoi in-;
U-rcst is formalised.
The committee proposes the
e?Tah!i-hmem of a Council on
Post Office and Telecom inunica-
siwns Affairs “ v/ii h the obliga-
tion. composition and resources
in enable il lo give <|;onu and
-.•■el (-informed advice ;o the
■ ievornnieni. which ;ne Secretary
of Stale could noi lightly ignore."
T'ne Gii'.'tvr '-loin mil lee dno e
n-ii jpprove of the plan io put
workers on the Board of ihe Post
Office in lhe short term.
The plan i; Thai ihe recon-
•liluted Board should have -seven
management representatives,
seven _ worker repreieniaiivef and
five in.lcpendeni member*, of
whom p.-.-ti v.ouid re p re «e r - 1 ihe
consuner :mere.-;i.
This i« seen a> being overly
ambitioTiv I'lnrf hureaucratic.
In ii5 place, l h«- committee
recommends a basic unit of
‘ji'luiirial democracy, to b? called
the Operations Committee
Essentially, jt would be a rorum
in which mana^mont and rrade
iiri<m ri-presi'niai iv«* would
•li-.'-js- diid agr-e -.-orkns prac-
ij ce. in ihe li^hr ..f hu'ner level
deci*innf.
‘Users must
bear costs’
For the six months ended May 31. 1977 and May 31. 1976
AVCO CORPORATION
REVENUES Financial sendees
Products and research
Recreation and land development
EARNINGS Financial services
Products and research
Recreation and land development
UNREALIZED GAINS ON FOREIGN
EXCHANGE FLUCTUATIONS
EARNINGS FROM CONTINUING OPERATIONS
DISCONTINUED OPERATIONS
EXTRAORDINARY TAX CREDIT
NET EARNINGS '
Per common share, primary
Per common share, fully diluted
AVCO DIVISIONS AND SUBSIDIARIES:
(Thousands of dollars)
1977
1976
. $389,533 .
$353,418
291.015
271.765
. . 44,499 ;
27.015
. $725,047 .
_ $652,198
' $ 29,186
$ 18.729
18.155 .
14.980
(2.377V
$ 44,964
$ 345
$ 45,309
$ (400)
$ 44.909
$ 6.413
$51,322
•17.546)
$ 26.163
S 7^78
S 33.441
$ 20.398
$ 53.839
$ 5.200
S 59,039
FINANCIAL SERVICES
THE COMMIT] EE ajrc«« with
the '.ovcrnuKni view thu< users
'if Post i ifficc -I'r-. ico should pav
all or,*: l- properiy .1 liribuublc tn
lhe pru-. :sir,n -orviecs —
" :i ' - " u-w*r> Lc.ir il? costs"
principle
There i.» "eneral :<"rt'>'ineni
;;h ihe Post decision tn
return in fcnnoimr pricing, and !
arreenivni. -.■.-iih the current
financial nt'ji.i-iive ef j rr.il rate
o; return for the ii.'lecoiumunica-
iionj Ijimii''s« i)l i> pr*r cenL
rth-.uih u is apparent that this
will 1 -ub-ianhalk exceeded
iVu- -• ea r 1 .
But ih'- coni ti 1 nu- vn ..< r, n tn
'• rjiic ihit ihr.-e t ir"«*ijs .-should
r.n; (-.••cniiif* oJ.-tesd--.-. «n that
the pul ■ | ic i- ni-erch.ir>-(]
The financial larrei shnuld he
the Mean' r.f rjlculaiing j
realistic price level
If ihe rosuUin.- cash ilow is
insufficient in mec! ihe invesr-
mcni needs of the leU-communi
i cation* h«?ine*«. liion Gnvern-
I ment should find the balance.
Avco Financial Services, Inc • Carte BlancbeCimo ration • Cartan Travel Bureau, Inc.
• The Paul Revere Companies L :
PRODUCTS AND RESEARCH " ’ \ 1 ^ ".
Avco Aerostructures Division • Avco Electrons Division a Avco Everett
Research Laboratory. Inc • Avco Intemafa'onalService§ Division • Avcp Lycorrring
Division - Stratford. CT • Avco Lycoming Division — Wi!liainsport t PA
• Avco Medical Products Division • Auco'NeurJdea Farm Equipment Division : •
• Avco of Canada, Ltd. • Avco Systems Division ^Ben-Mazrt Corporation -
RECREATION AND LAND DEVELOPMENT . ; >
Avco Community Developers. Inc. ■ Avco EmbassyPictures Corp.
Write today for a copy of our 6 month report.’. -. '. ^
. „avcq coRPORAiioN ;•
1275 King Street, Greenwich, CT 068 ^-; 1 - t .V
..'v.r'Tite Ffraidal Times TKife&y.
WALL S I HL.l T + OVERSEAS MARKETS
FOREIGN EXCHANGES
Dow reacts after initial rise
•:1
BY OUR WALL STREET CORRESPONDENT’
STOCKS ON Wall Street moved Nabisco, however, dropped- SI} Canadian Pacific rose Si to $19}.
NEW YORK, July 2a
S^or toSKlon lower earning while PAMS-Mised in fairty aeti*
active trading, although a reaction Teledyne lost trading, with some end-account
rose Jardine rose SO cents to
SHK14.50 on short-covering; while
In Motors, Volkswagen
DM0.50.
, , . v..™ On the Bond Market, ' Public Hong Kong Ban* gained 10 cents
develooed towards mid-day. latter reported sharply lower selling balanced by firmness of Authority Bonds showed- gains to to 8HKU-9G' Hong Kong tana . o
The ^ Dow Jones Industrial earnings last week the Franc. DM0.40, with, the Regulating vents to 8ttK6.fc>.
Average, after touching 923.51 at Heavily-traded Pa* American Banfcs and Constructions eased. Authorities seUmg cents S^3J», Swire Paa^
11.00 a.m„ came back* to register World Airways were unchanged at but Motors and Foods were firm, nominal of stock ■(DMli.Sm.). 10 cents-to SHK6.W, and WheeJock
a net ®ain of 095 at 920.22 at $6. Most other sectors were irregular, SWITZERLAND. — .Narrowly a cents to .
I pjn„ while the NYSE All Xerox improved ii .to *515— it Carrefour rose Frs.ll to irregular in. a small- turnover. TOKYO— Prices recovered in
Common Index showed a net loss .introduced a new copier and cut Frs.3,121, CIT-Alcatel Frs.12 to Bally were a weak feature, the places after the previous day’s
of 6 cents at $55.70 at 1 pm. after prices on related products earlier Frs.StiO, and Peugeot - Citroen Bearer falling JFrsJG to Ffs.1,280. weakness, helped by expectations
this week. , Frs.5.5 to Fr&326.5* but Dumez Insurances and Banks. were of a cut in Official Discount Rate
Texasgulf declined $5 to 824} on declined Fre.U.2 to Frs.393.8. steady while, among ..otherwise best month. The overnight Wall
lower profits, while Bauch and Golds were mixed, US. stocks hardly changed Industrials/Nestle street rise also aided sentiment.
Lomb eased $1 to &>2i despite firm and Germans slightly easier, bearer gained Frs.10 to' Ft&3.5l5. Volume 180m. shares (170m.).
slightly better earnings. Chemical BRUSSELS Irregular lh quiet Md Sandoa added Frsjfi at large capital shares. Including
New York shed $1 to 846 j— it Account day trading. The market Fr ®- 4 i? 75 - : ■ - Steels, .Heavy Electricals and Ship-
plans to sell snares and ^ C | 0sed . to-day and Friday Dollar stocks firmed in line with buildings, gained ground.-
for the National holiday. overnight Wall Street* Dutch Brewers, ' Pharmaceuticals,
the American SJ). On the firm side were Internationals were steady, while Paper-Pulps, Chemicals, Cwn-
in active trading, ElectrohcU up BiYs.80 to BJrs. Germans showed narrow mixed murdcatlons - and small-sized
partly reflecting pressure on the 6,320, VleDle Montague. BJFreftO movements. •. Machines tended firmer.
shares of a number of- Oil and better at B.Frs.2,540, and Hoboken SPAIN— There was: further sel- JOHANNESBURG — Golds were
Gas Producing companies. The B.Frs.25 harder at B-Frs.3,025, but ling pressure which brought the generally easier In line with the
AMEX Index Slipped US to 123.08 UCB retreated B Jrs.95 to B.Frs. Market Index down 0.40 to fewer TJullfon price, although re-
at 1 p.tn. Volume 2.1m. shares 1^50 " * mU ' * v *' - -
Closing prices and market
reports were not available
for this edition.
.an initial rise to S55.87. Turnover
amounted to 19.0m, shares, the
. same as at 1 pjm. yesterday.
Analysts attributed the initial
further rise primarily to the con-
tinuing flow of favourable second-
" quarter corporate earnings
statements.
Braniff International gained $J
to $10} on better earnings and
expectations of a further Improve-
Deben tures.
PRICES ON
were lower
(i.7m.).
TUESDAY'S ACTIVE STOCKS
Change
Slocks Closing on
OTHER MARKETS
U.K. and French issues were
easier, while Golds were narrowly
mixed. Canadians were Arm and
U.S. stocks generally steady.
AMSTERDAM — Stocks showed
no decided trend in quiet con-
down.:. 0.49 1W „«. _
* J 8 * 7 ear of newed UsT.and London iSerest
S4.4b. borne Electrical (^however, was QO ted towards the close. Free
continued to find support. Else- state Gedold contrasted with a
Where. Camsa were also, favoured rise 0 f 55 cents to R16.3Q.
and rose Pts.o to Pt&224. Mining pin qnq i a ls'werB mpr gtp -
. MILAN— Stoeks made- -a 6rm ally firmer,
showing over a broad rirbnt in
h
traded
price
day
, r Pan American ... .
1.192.000
6
+ 1
Ii Gulf Oil
U8.S00
30
+ *
i, , Mesa Petroleum ...
3».«0
-11
t ; . Dow Chemical
M0..VW
321
+ i
1 , Amer. ToL and Tel.
290.700
631
-i
1 - Louisiana Pacific . .
205.000
131
—
‘ . Carter Hawler-Hale
263-000
171
-t
Citicorp
262.200
201
+ i
NCR
260.200
42J
+ 1
Coiuokl. Edison . .
25S.IN
23S
+ i
better business at the ..start of
Canadian Stock Markets gener-
ment this year, while American
Can put on to S41}. also on
higher profits.
d it ions. .
Royal Dutch led Dutch Inter- the new account,
nationals higher with a rise of Most leading industrials
FLsj 10 corded good gains, but
KLM advanced Fls.5.60 to Vlscosa lost L5 to L745.
Fls.121, helped by a favourable OSLO — Banks were steadier,
'’iiXssL.rs* SLlssrSi m^^rpijwWuciK
m June.
Banks were generally lower,
with Bank NSW f alling 6 cents
to SA5.24. A Supreme Court
ing trading, with the Toronto
composite Index hardening 021 to
’ Golds gained 3.3 more to i.092.6 Shippings were generally lower and Industrials slightly easier,
on index, while Banks improved bu * Banks were steady, while COPENHAGEN — Lower in
1.12 to 247.11 and Utilities 0.87 to industrials and Insurances im- moderate dealings.
168.41, but Oils and Gas sustained 'Proved. VIENNA — Mixed. r •
a fall of 1S.9 to 1,263.4. - GERMANY— Shares were mostly HONG KONG — The market
National Trust advanced $2} to little changed on a thin firmed slightly in a- moderate
SIS, while Stelco added f} to $28}. turnover. turnover.
AUSTRALIA— Prices eased at
the opening but a few selected
shares recovered In late afternoon
trading
sma BHJP traded as low ' as SA5.98
before rallying to 6A6.04,. down 2
cents on. baiance^-it has an-
Indices
S 7 S. E. ALL COKtfOJT
NEW YORK -DOW JOKES
Jul
sr
Julv ; Jnl
ltf
‘ 5 ? I
Jtilr 1
1977
If I High
1977
paiace compil'Uon
sue
«.ctT
mM
M.TOj
67.07
<4il)
I/)W
62.56
i31/6j
Rims and Falls
Issues Traded— 1,874
Down — 529
Raw Highs —
July 19
Up— BAS
Same— 403
Stm Low* —
MONTREAL
July
19
July
18
95.37
(3d)
246.B4
. (Uri)
6 117.45 116.61] 118.29
I (19/T)
Industrial
Combined
July I July
. 16 ( 14
1977
High
998.96 ! 1051.7K 41J2
(31(5) i. 11/1/78) (2/7/32
90.66 ; — -
(7(3) . ]
221.61 , 279.B8I 15 JS ,
(36/2) ; (7/2/68)1 (8/7/32) TORONTO Composite I 1067.4, lOfiSJk 1061.91 1065.61 1167.4 (19/7)
104.97 • 165.52 1Qft9 — ! — 1 1
(25/2) <(90/4/69)|(28M/42)
184.45! 180.71! 180. ft
187.8S laoisj 186.!
T78.91|
184 JOi
166.47 (17/3)
167.65 (18/7)
23.160! 22.470; 19.7301 -
JOHARITESBITRO I
Golds 1 15BJ
ludustrislsj 1B3.2
164.4 1
183.5
156.6
185.6
1B2.5
186.3
(7/*
(7/1)
Low
76BA2-
171.(4.1
m
970.4 (27/5)
138.4 . (24/5)
1664 .(22/4)
* Basis at index changed from Jniy L
Jujr
1 Pro- 1
1 1077 ,
187T
29
: riou* ,
High !
Low
July 15 |
July <1 "
J June&j
j Year ago (approx/
4.87 |
4.85
[ 4.83
i 3.83
Australia 430Afl 462.11 • 469.71 j 418A6
Belgium ( 6)! 97.10 ' 96.91 ! »!tL 1
STANDARD ABD POORS
1 j
July I
I 19
Julv ! July !
16 1 16 !
III!
i a
177 eiiareCoi
mpllatl'n
“ uT j &
iV |
High |
low j High
Lie
*lDduitrUli;i11.3S|
'tCompreite .101.79;
1 !
j 110.98 110.08
| 100.95; 100.18
i 1
10a.40jlB9.8S
aejs&j 09.4&
108.19
| BfiftS
| 119.92 I
i tS‘h
1 107.59
| Ii: Ll
185.47 1 1 54.94
(5i/6) \iunm
95.12 I 126.86
(51 16) K 1 1/1/73)
£6.2
(3CU6/52)
4.40
(1/6/321
I (10.li . ,
Danmark (A UE.es : 10S.OS 107A2 1 sb.9§
1 . i (9/i» ; fB/i)
4£A . 48 .8 I 58.4 I 43.0 ■
France to'
j July | Pre-
1 20 riou*
1977
High
'1077
Low
Spain (p)| 04.46 84J6
1(3137
84.46
Sweden OyJ 347.70! MSftB
(1/3)
4I6JSB
pom
547.70
mu
pan a
(3/3)
SwiterL'd (nj 298ft | 296.1
(3/6)
Germany (O, 754A: 766.6 7ea7 ! 712A
! (3/01 (10/3)
83-£ i 93.2 j 81.2
HnllandAtyi! oe.O :
Indices and (use dales MB hue values
ISO except NYSE AB Oonmeo — 60.
Stand urtls and Poors — 10 sod Toronto
300-1.000. the last-named based on 1875
IM! 60.12 1 69.80|
July 13 j
Jnly 6
1 June 29 1
l 1
1 tear ago (approx.)
Ind. di*. yield %
i *•« |
4.48
i 4 - 96
'3.30
lad. P,B Ratio
J 10.12 ]
10.14
) io.ao
13.05
Long Govt. Bond yield
7.89 f
7.60
1 7.63
8.60
tth
. ffi/1) I (14 &)
WV 374.2* • 373-6* ■ 3B3AB j 36*.W
: < (6/6) ; (7)4)
Singapore f« 267.77 266.73 ; 267.77 242.28
ill (80,1) , 0|6)
Italy
Japan
<e> Paris Bourse 1881. tn Conmazttank
December 1855. m) AmsrertUuu. Indus
(rial 1870. til) Bans Song Bank XL/7/84
(kiVllan .2/1/73. Cm) Tokyo New SB
4/1/88. (a) Straits Tlaus 1MB. (p> Madrid
SB 31/12/78. (q) Stockholm Industrials
m/SS. tr) Swiss Bank Corp. 31/H/5S
(u> Unavailable, i Exdudhut oonda. * dM
(Ddnstnats. 1 488 inda. 40 utumea 40
Finance and -0 Transport. 'cvOosed
OVERSEAS SHARE INFORMATION
Investment premium Baaed on
$2.60 per £1— U2|% (1121%)
NEW YORK
Stock
Abbott Labi.
A«Ul iwm; i * ph ...
Aetna LUeJcUsa.
Airco.
AlcsnAlumtai'ini
A Icon
Allied (.'bent tail..
Allied Su»rea
Allis Chalmers...!
A max
4Sl£
47 i 8
411*
able
25 ig
411a
1478
37b
46i B
35 l S
36 1?
63 ig
19S 4
HU
Amerada Ren
imer. Airline
Amer. Bmn>ls ....
Amer, bruulcnsl ■
Amer. Can
Amer. Ci-anami.li
Amer. KUk.Puw.'
Amer. Express.-.l
Amer Rome Prod|
Amer. .Medical— j
Amer. Motors....'
Amer. Nat. Gas.
Amer. Standard.. |
American stores.
Amer. Trt A Tci
AXIF •
A rapes
Anchor Uocktn„.V 29 lg
Aulieu«er Buauha 24 )a
Armu> Steel
A.S.A ....
Aacraera Ull......
Asarot
Ashland Oil
AtL KiufafieldL...
A VC
Aim
Ana
Asm Products...
Ball Gaa Elect...
tisuk America...
Bankers Tr. N.V
Barbel Oil
Busier Travenol
Beat nee fVvd |
BectonDick cnaoi i|
Bell A Unwell. —
Benilii
Benguet Corn 'H'l
Bethlehem Steel.
Black A Decker...
Boel on
Boise Cascade....
Borden
Borg Warner
Bran HT Im.:
Bnucan "A"
Bristol Myers.....
1 Ju.\
1 19
1
Julv
18
485* .
48
14 I
14l 8
37<i '
37
23*« ;
23
, 29‘8 .
29
! B7lj 1
: &37 B I
825*
! 19ib 1
19 i a
| aii 8 ,
211*
50U |
49
23ig ;
22
1 29a« 1
30l«
40 a* 1
41
36 7 8 ■'
36i[
Ill* •
loss
B5»g
J978
XZ’a
18*«
04S1I
60U
iOTg
17 7g
Zll B
SOI-
28
25 ig
39 H
35 i B
34i 2
B5.A,!
28 lg
411 g
43,
29 7g
15 i a
07
283s
351s
e67 B
10
i3(s
327g
461,
46&a
405,
26ig
85*8
40s B
BB6b
14*4
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47
351,
35*4
62 t 8
191:
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29
24
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11
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213*
40*4
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297g
*51:
067g
28
35>:
27U
9ij
13
32*8
Stock
ifulT
19
Corning Glass—... 677g
CPC (at'n'tiotul! 531g
Crane 1 51*,
Crocker Nat 1C7I,
Crown Zellerbachl 353,
Cummloi Knglnel 531,
Curt -Wright { 19*g
Dana
Dan Indusnies..!
IJewe
Del Monte- ]
Deluma |
Deuaply Inter.
Detroit Kilison....:
Dla nmnil bhamrld
Dictaphone
Digital Ivjuip —
Disucv <Wall> •
Dover Cni-jm •
Dim Chemical....'
Dresser
Du Pom ! iai
Dym" lii.luolries 1 123*
Eagle Pirfier !
bast Airlines I
Eastman Ekodag..-
Katon I
July
IS
234 >
384 I
*67: !
29 I
7 I
22 I
175* i
32 k ■
13
49I S
371*
42
32*, ,
4Sl a •
16
334
137,
221 ,
Brit. Pet. ADR.. :
Brock way Glass..
Brunawu-k
Sucvru) Brie— i aai,
Bodil ‘ 204
Hulcmi Witch .... _6s,
Burltugtou Mhu.i
Burraughs—
Campbell Boup— .
Canadian PUide.,
Canal Bandolpta..!
Caraatlod
Carrier 5: General.
Carter Hawley ...i
CatcrpiUerTradu
CBa ...
CflUneeeCorpn...|
Central k ti-W... i
Canada Teed..—:
Cessna Aircraft...:
Chase Manhattan'
Chemical Bk. NY.
Cbesabrgb Poml.
Cheeaie
i Bridge.. J
Chieago I
ChroraaMny
Chrysler... — ..... (
Cinerama.—.^—..
Cine MUacnm-..,
Citicorp.— ...
Cities sarvu*.....;
City Ituoting...
Coca Lull
Col ate Palm ......
Collins & lk man .j
52
681,
38 is |
184
8*2 ,
401* !
134 ;
173,
647,
617, 1
463,
174 !
26s*
27*4
345* *
47
217,
40i a ,
61
163,
16*g
21*
397? .
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62
154
40 lj
251, :
114 .
157,
354
14
226 ,
19 lc
6*4
514
074
374,
183J
«4
39*4
127,
18
543,
60*,
46*,
171,
25t,
27 J,
34*1
46s,
2 llu
404
615,
164
lbtj
2
394
k.9
614
151,
39*4
253,
114
Columbia Has — |
Columbia Pier....
Cum. InsCo.ofAm
Cumluutlon Kng.
CorabuM ran Kq ,.i
Cpt'w'th iBitna
fiimVlhOUlW.I
Cm me..
Con. &ll»on N-l
Con ml Fmds....
('.ami N»'- /’■*•
Consumer iVwer
ConiiiKHtal itni.
p.mtiaentaj Oil-
Conttncnt* 1 Td«.
Coptrtu Dm* ..
Cmper Indus-
32i,
154
16
594
19
31*4
64
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44
235,
263,
461,
314
144
154
89*2
19
314
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231:
231,
261,
4o
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364
34
174
324
47 If
E.G.AG •
61 Paso Nat. Gas.;
Eltra :
Emerson Electric.
Emery Air Fr'jhl
Bmliart
b-M.i..
21
712 1
57 r, i
431, j
1B7, .
I9i s
27
34f, ,
41 lg :
37
667,
52*4
314
26*,
35 Va
63*4
19*,
221 ,
374
271,
284
67,
22
174
517,
12
497,
37*g
41S,
524
457,
116*4
126 ,
20*4
74
58
44
191,
194
27i:
344
41
365,
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39>s
291+
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32
32
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44
435*
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55
54>s
r*ux-hli.l<.'Bnieni
49:4
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Fed. Ltopu at ore*
371:
367*
1 men. me Tire.../
lBto
191+
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a-iJfi
27*8
Flexi. \an ■
19
19*8
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201a
19*8
351;
33 lg
424
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19 ■
474
104
241,. ,
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367,
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134 I
60 4 j
565, i
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30 4
t07,
207,
274
a3U
271,
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SO
wmmmumi
f.M.C
Fur*l Motor •
* ore n i«sl Mek....
Kin burn
Prsnklln Mint-..'
Freeport Uinerali
Fiuehaut
rsqua luduiine*.'
G..V.F ■
riannen....
Den. Amer. Inr.'
0. A.T.X '
Gen. Cable. —
lien. Dynamics...'
Gen. Kieetrica.....)
General Pneds....'
General Mills. i
General Motois—
Gen. Pub. till ...•
Gen. Signal.
CteroTeC Blent...'
Irtm. Tire
(ienesro
Georgia Pari fie...
Getty Oil ... ,05
Gillette 284
Guoilrfch B. F«.„ -
Goodynu Tire ;
UouJd...— „.i
Grace W. it •
Grand Union [
Ul. Arlan PacTea
Grt. North Irtm„|
Gi ey bun nil
(4 n IT*. Western....
Gull Ull
Hallbuitnn...-„.|
Hanna Mining—.'
Hamisriiteger— .)
Hams Cnrm
Heinz H.J.—
Hrilei W. K.
Heubiein.....
Hewlett Packs rrtj
Boll. Inr Inna. .— .
HnmcstnkC— -..
Himeyivvll ,
Udorcr—
Hoop C'iht Amer/
Honstun Nsi.Ga?:
Hutton K.F. |
1. C. Industries...:
IN A—
Inuersol Hand....'
inland htrri !
ln*ilco— —
Iniemmt Kn'r'r-
ii»m
Ihtl. Flaimira. ...
Inti. H»nesier...
Inti. MlnAUiein
inti. Muirii*,*!*,
j lliuo
I (nit Paper.
I mi -
* Iol. tta liner
. Im. Tel. A tsi....
, Invent.
! ta-J,
. If InierwalloBal
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23 Js ;
204 1
89 7, <
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u
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134
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207, i
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494
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: B75,
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144
134
29S,
64
441,
207,
364
344
16
Z4I,
624
*34
395,
o4l,
134
27 lg
324
1&4
271,
45
654
387,
WH
114
Stock
July
19
Jul
ia
Juba* Mauri Me-! 38 j
Jolinsoa Johnson; 697,
Juliiuoa LnuirtU.; Side !
Joy .'lan ul«c 37 1, J
KalserAliimuii'm> 364 l
Kaijer induhlrie*
Kaiaerbteel
Kay t
Ken nevon
Keir M>-Uee.
Kidiie Waiter.....!
Kinilwrlv Clark..:
K. Man.............;
Knppera. ;
Krafr. _
Kroger Co. J
Leri Strauss |
Libby U» Food...
5
264
64
29;,
b57,
27
451,
£24
225,
494 !
281, ,
284 :
294 I
3BI,
691,
511,
374
36
5
264
64
297,
b6
27
454
277,
224
499b
284
284
291,
Licgnt Group....!
Li [le v 1 Blit •
Llrn.in Indust.....;
lo-kliehl Aircr'tt-
Lone star I nils....!
Long Island Ltd..
UHii>iarta [end... 1
Lubn-ol '
Lucky store* :
L'kes Y'uneu'wiL
MacMillan :
Macr K.H
Mira Han< nrer
Map.-.. '
Marat lion Oil.....
Msnne Midland,.
Marshall Field '
314
384
144
171,
21
20
k84
354
165,
77,
IO
364
391,
45
56
134
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315a
384
144
181,
21
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28
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154
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36
39
454
554
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19*4
Hay Dept. Stores;
MCA
Mirlirmiidi.,...,
McDiauirilDuug..
Mi-tirsn Uill
Merck ....
Merrill Lynch—..
J1UM ...7.
MliiiiMInctMrp.
Until 1 Corp.........
Mimsantu.— ....— ,
Morgan J.r_......
Molurola..— •
Uurpliy Oil........'
'
Nairn Chemical...' ■
Xatlunal Can ;
244 '
403* '
564
k7la
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351,
194 .
234 .
491,
70
t>97,
521,
434 .
365,
534 ■
314
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237,
401,
654
264
191,
544
181,
234
491,
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New England El-'
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Niacsrn Mohawk'
Niagara Share—
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NitMlkJL West era
North Nil. Uaa..^
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Nthacvl Airlines
Nlhwesi Uamurj 1
.Nnnoo -Slmon.^. :
Ucutdentai Petrol.
Dip ivy Mi tiier—
OUr
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234
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17
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294
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29*i
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297,
36*«
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414
Stock
July
19
Her Ion '
Reynolds Metals.;
Reynolds R.J ;
Rich 'eon MerreU;
Uorirware lnter„ :
IChom £
41
391,
69S,
211 ,
314
384
July
18
40*«
38
69**
207,
31*4
384
Stack
Julv
19
July
18
Wool worth, j. |
?y«y.
KoyaJ Dutch 1
Rues Toge. J
llydcr System — ■
Safewsy Aim...;
•iL. Joe' Mineniie.i
it. ftegt* Paper _
suits ft '
Sants Pe lads. —
Saul Invent.—....
on InJl ..— .J
St-bliu Brerrlng
achlumbeTKur— ..
SL'M
•xmx Paper |
■Jcoril Mi* ;
Scunl'r DnoVesti
587, i
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451, :
331, i
324 !
41*4 i
4*4
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134 .
687,
244 .
174
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11
18
454
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131,
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20
74
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^ean Bretwriu—
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nheti Oil.
Shell Transport ..
signal ...........
Slgtrede fnrp. — ,
almpioty Pat—
dinger
Sturt b Khne.
SoUimn
aoathdmrn. — ....
Si,ithero Cal. K»J
SmKbern Co.— ..
Sibn. Nat. Ue\n.
bouihcrn Paeitic.
southern 14 11 way
581,
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>24
30
411,
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32
375,
131,
251,
361,
24
174
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18
62
674
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564
404
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371,
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174
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55 1*
224
14
604
144
234
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U.SIrmaai%7b/7fc. (843i
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i 224
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Agmco Eagle
AJcanAIununlum'
AJgvraa Weel .....
Vabcaloe
Hank Montreal...
Bank NnvaSonit*|
Bask* Resources..
Bell Telephone—'
Bow Valley lndi.|
104
61g
kBI,
16*4
24
lhi,
214
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55 i s
214
101 ,
bl,
284
16*4
234
164
22
8*s
554
221 ,
194
134
Southland —
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'kiurtm
Stands nl Bra mi-.
Std .Ollfaliluniu
std. On Indiana.,
hid. Otl Ohm...—
siauB Llremical-
Sterling Drug....
5(udehaLcr
Mm Co — ....
curuL-lrand—
Bvntea.
Taodj —
Teviiriiculnr
VcUrnui - —
rrialyne—
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mi v?oj
25i,
194
374
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554
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634
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Canada Cement
Canada N-W Land
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Canada Indusl....
i Can. J'icilic.
j '.an. Pacthc lire.'
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Texas L’tilitics—
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Pan. Un, I'ef <m'
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r£*p\el
474.87“ 374
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314
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Phelps IhMlge
Phltalelitfafai Hire
Pldlip .Morris
Phillips Petrol'm
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203,
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31
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10*4
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184
9**
10
u.81
31
S'E..
284
28
27 4
32k
23 17
264
22 y.
319,
DtHI Trust—...
SMKtams
shell Canada.....
sbcrtiU O.JlIac*
sirivus U. (i«..
sint|4Hiu*
sleel oi Lana da.,
steer W'wk Iron.,
j Le^ara CebaiiB...
1 l'*'niU'Ik.'»i.Wk.
1 I'ninst sn l’i;s'Lii
• rraiis M’sidI Dili
j (run-
• C'luunUas...
j L-iiicI C-.A-p “b”
. "niitr Hiram...
■ "ei C.-tst Irmnr
1 AAV«tcrti (irei...— ■
a*
16 4
5h
173a
4.95
*?-■
•s.13
304
194
15.,
121,
ll
10*(
111 ?
lv 4
32»
124
”ls
e2T,
163,
171-
4.90
C7S,
ti06
(304
*93«
184
124
(10
101 ,
H'-e
274
321,
124
n Askfld. * AirentMi r bm
IT radad. «Naw stock.
judge ruled that the liquidators
of several of the Barton Group or
companies could 6ue Bank NSW
for recovery of about $A5m.
Most high-priced low-yielding
“blue chips” lost ground: many
institutions are switchzilg out of
these stocks to high-coupou fixed-
interest paper currently being
offered.
Uraniums recovered early
losses, with Panconttnental closing
at SA11.00, up 20 cents, after
trading as low as SAlOJiO.
Central Norseman Gold rose 20
cents to 8AS50, but other Golds
were little changed. Oils were
steady In light trading.
NOTES: Omsu prices shown below
exclude S nrenrfum. Belrian tfivUeads
are after «rirhbaUing tax.
4 DM90 denom. unless otbenriSB nkm.
V PiaaJMO demno. unless otherwise stated
4 Kr.100 denom. unless otherwise sated
• Frsnoo denom. unless otherwise staled
9 Yen 50 denom. unless otherwise staled.
i Price at time of suspension
n Florin*, b Schillings, e Cents, rf Divi-
dend after pending -rights and/or scrip
Issue, e Per share, r Francs, a Gross
dlv. %. h Assumed dividend altar scrip
and/or rights tsaae. ft After local
taxes, m % tax free, e Franca: trytati^
Unllac dnr. p Num. o Share spilt, s Dlv
and yield exclude medal payment (Indi-
cated dbr. u Unofficial trading, v Minority
holders only, p Merger pandtug. * Asked
t Bid. 8 Traded, t Seder, x Asramed.
xr Ex rights, xd Bx dividend, we Ex
serin Issue, xa Ex an. elntertm unw
increased.
$ nervous
GOLD MARKET
July str
The -U^. dollar continued to rands premlifnr ovBrits'gold ton- • MHSS
lose ground against the stronger tent widened to 3.72 per cent ‘for close -
European currencies in nervous domestic, and International ~de*. Op ening -...:
trading in the foreign exchange livery, from the previous common
market yesterday, but generally-, level, of 335 per cent
finished above its worst levels of
■July IB
8144U-14S
Morainiax's S 144. 10
(£83.760-
AftmmV.fixg 5144.90
the day. It touched a lowest ever
level -of D3&.2560 in' terms of. the
West German mark, during the.
morning, and closed at DM&2M5, .
compared with DM2L207O on- Tues-
day. -The Belgian franc was also'
very strong, not only against the .
dollar, but also within the .limits
of the European currency “snake.”
It finished at BJFrsw35J.7 against
the U.S. unit, compared with
8-FrsJJ5.44f previously, and also
improved in terms of the D-mark.
The Japanese- yen finished,
slightly lower against the dollar,
while the Swiss franc closed un-
changed on the day.
- The dollar's trade-weighted de-
preciatfon- -since the Washington
Agreement of -December 1971, fis
calculated by Morgan Guaranty, ;
was L91 per cent, against L80
per cent, previously. . .
The Bank of England continued
to take in dollars for the reserves
to prevent any sharp rise by the
pound. Sterling closed at $1.7203- _
1.7207, a rise -of. 4 points on the
day, and its trade-weighted index
on the basis of the Washington
Currency Agreement, as calculated <*»muu»a Dir.
by ibe Bank of England, was un- Austria Bch...ij
changed at 6IXS, after standing at I
60B at noon and 60.0 in early
trading.
Forward
- - - 5145 4- Ida •’ - *
$144*4-145 umS-Mau.? .
S145JOO
|«84J93j ■
814&50
im.683) \
l(£84.216|
Gold Coins...
domgittaiHy
Knigarnuuta
N'wSov'r’jpu-
OtdSovVfpu
Gold Cohu...
Ilnternx'llyl
KRq^rmuL.!
S 149-151
r (£8Cflf-tf7*4
?4S I* -50 la
(£2814-294
S44 4-464 :
i-264 l
itC87^H- -g :•*
[8484 -50l z
mau-aau]
1*444-464
((£66^7)
3140-161
f£t64-o7S,
6474-49**
1 4-26*4
Ji’wQpV'f’glrt
Diddav'r'giu
■tm Bafftes-. $2 1514-218 14132131] -216
OU'i .
S42>4-444
(£23-26
:$1491f-16H ■ .-
(£87-88> *-■ ■ '
*474-404
C£S74-284l-V...-
943VW4 - '
((£2012^64 ' . - .
FOREIGN EXCHANGES
CURRENCY RATES
Special
xftuwiu?
■^SiTQ"
“Jiiiyla"
Dutah guilder,
firmer, Froneh franc „
0383545
1.17535
1J4470
18.8702
franc -i .41.6369
6.94926
B.65958
2.85022
5.68135
1056.36
310.175
sterlingr was .
with discounts against the dollar Italian Ura..^.
narrowing. The three-month pound Japimere yen..
finished at 1.78 cents discount, 101433
compared with 1,80 cents . on - swSXSjas 5.08985
Tuesday. -.Swln f»he._. 2.81402
. Gold fell $1 to *1445-145
moderate trading.
0.671374
1.15486
1.22286
18.5302
40.8128*
6.83065.
2.6 1469
2.80009
5.68387
1018JI9
304^69
6.00851
99.5616
4.98782 .
2.76435
July 00
t : ^LirkeJ
Bates
Rates! Day's
SprtarJ
’ does!-
Sew Yorfc.J
■ Mon trail. ...
Amatetdara
BruCaeUI.—
Copenb'jtra
Frankfurt.^.
Ziabon ......
Madrid ......
Milan
fii+fuaiM iJ-r i./aw-i.r
71* l.BkiS lft 63] lft- 45-1. t?
fii* 1 4.14-4.194 4.164^.1-.
6 : 60.45-bvw eaftj-ai;.
5 .! 10.16- 10.20+’ lD.IBi-10. '!
file: a.89-3.1 i 4.1
9 : (3,93-09.28 : (OftS-ffi ■ :
7 '14d.tfi 148G. 14 b. 10.1AV
11 !Lftlb*-lftlB4i 1,5 19-1. P - ”'
6 1 8. c 24-8. 8 1 8.? 5-8.
Mia 9.275-11.(5 j i.28i-BJV
* 8 1 7.41-7.4B4 7.4fii-7.i
6 ' 462-490 4B6-45L,
4 ! 77ft6-<7.76 1 SF.SS-STwll
Pari*.-... ...V:
Stockholm..
Tokyo
Zurich—:....
u*l 4.114^.14 I 4.124J4J1I/
t Rues given are for co n vertible
Financial franc 80.81-fll.JB.
Iff
OTHER MARKETS
m - * Rate ft for convertible franc. Financial
The krugger- tranc 414034. ’ , ' -
EXCHANGE CROSS-RATES
Jnly £0
Frankfurt
New York 1 Phils
Brussels
London
Arast'd'ui j Zorich
FPnkft— .
K. York*.
Paris
Brussels ...
London —
Am’d" m
Zurich
44ft3-lfi
212.97-3.47
I&ft7-6L
3.89-90
106.826-875
106.05-09
2ft&87-9T
! 4ftlO-822
. 36. 19 -24
L82358266
2.4137-63
2ftfl64-72
4&9047JOO
an fift/at
7ft033
EftSJ-2^
60.15o-203
49J76-7B
8.405-413
2JB04-21
13.66B-702
90^80
8ft68S**o
[6.6076-128
'3ft88-8i3
L 7199-7203
8ft79-£99
_60ft84S
4.1435! 1655
4.122&-12M
93.40.50
4L21-23
l89ft3-73
MftGftl
4ft 64-164
SSft242
MftBftB
4lft&-70
200.75-L2S
1AJ3&-72
4.L2A-154
100-776-826
Brazil !
Fin (sod
Greet* !
Hug Kougj
Kuwait.'—'
Zaixemb’e
U.S. 5 in Montreal UJ5. S=rl«UXM8 Gundlan Cents.
Canadian 9 In Xoti YodtO *-9*34-35 DA caoMu. Ufl. S In Milan B8U0-60.
Sterling in Milan lfiX6.76-lfilfi.ffi. “Bata for July 19.
ti-Zenfendl
Saudi AraJ
Singapore
S. Aft-lea—
C.S
Canada.—
CSI— ..
U.S -entH
II
i . Nutee Rate ;
A rKentln* b -8« -6S 8J14IA rRontlnaJ 678 -c'^. .
Australia .[ l.o* 18- lJiS7a Auatna...^' '
~ <4^5-44.76 [Belgium ...Sai4- --
U7ZS-«JB26;BrazU . :
«1.7Bl-ot.S4BjCanada—.1^1 k < -
/J6T0-8.DOSb| Den mark- 10.1;.?
. lla-lu francs. 05, -■ '*
•.48S-K4 G kJarraany- - -
ka ■r-o'i «■> tereece— - ,,r -‘ — “
Italy.
(falls
L.S.
b0.4fi-B1.0d [Greece-^ J BIX
4 .6-4^8 JltaK- 1470c -
1.7870- U754Uapin. Iffll.;— •-
, 6-01-8.11 Nethcrl‘i5)4.18^' -
4. /a20-4^mj Norway. _J aJsT ;; ‘
1.487B-L605eiFocuiM[J 84: -
‘itmto !«». <;
J 4^-
*4J884JS'|7u K oalav , a l
|DA ~~" i,-8r: : r
Ratn riven Jnr Argentina ft free ra V
EURO-CURRENCY INTEREST RATES*
Jnly 20
Sterling
UJS. Dollar
I'ftniHaw
Dollar'
Dutch
Guilder
6n~lss
franc
W. German
mark
tShort term./
Three month*
Six month*....
Otae yenr ...
7-74
73*-8l«
9ir«ss
109*. 11
lOTg-lZis
SI 8-8*3 '
SU-5ia
6tB-59e
s-r-
6U-6 1 *
61i-71«.
658-7 >-
6 Tb* 7%
7-7*a
71g-71a
7I*-79»->
3 t .l
*4-1
-218-28,
496^68
6i*-Bse
>1-98
#4-1
298-218
814-21*
398-6*8
31:-368 ■
368-3*8
-3S8-3V
*M*»
-■ 4I*-4U
FORWARD RATES
-
Ia- «-
One month i Three mor
Hew Korlib.52-a.42 pm|1 85 1.75 c.-- c:
Montreal JO. 30-0.20 ■■: pra;l.*0- 1.20 c.
I'dam3*«-1*4 -pm. |7lg 6ls
.Bniaaeftt. J1S - rm-par
Cop'ahgu *91g lllj uredii
Frankfort
Euro-French deposit rates? rwtHlay 1«-1« per cent: seven-day 12*-18 per cent.: Lfthon.. ...feu-i6u £ ,iia
dx-nonlta Madrid.^
alg-llg |4 pro
100 c pm-par
U86a(r"'“
I ib ore •
7-o pr pm
-200-300 c. c‘"
130-10 e ] -:
L6-a3 lire; ■ j *. ■
**-4*» Cf- - -
>4 6I4 C.
Doe-mootli USu-iivk per cent-; three-month llSu-UTu per cobl;
USu-llVu per rent--, one-roar llf-U- per -cent. 14-10 from*
Loos-term Eurodollar deposits: two years 61-81 per cent.; three years ft-H per (m, ^
cent.: (our years 7V 72 per cent; Eva years 72-8 per cent. . ' .. dj.
The foUowtns nominal rates were Quoted for London dollar certiflcuu on' staefctftaT ia la Jm, Iju'-jm'™ 1
to ^° tuh 5u “- 5u “ *« «? • .^ monrh “ StUsSsJSKsi ’
tShomerm rales are can for StarUrx. U.S. dollars and Canadian dollars; two Six- mo nth forward dollar 3.784.78^-: -i.
days' notice (or sunders and Swiss franca. - .' and 12- month 7.10-7. 00c pm.
GERMANY ♦
July 20
AJLG ,
Allianz Var rfriv I
H MW -.- 1
OASP..^^.^
dryer
Hsjfw Hypo--™
tayer Voretnsdk.
lnr.Ned.vruj
Commer4iank._
( ■0 B it . O umml,. „,
Daimler UenxA_
Detpmipi
Demas.
TSSS
Dm.
8BM
423
836
158.7
138.4^4-0.6
264
Deutariie Bank ...
Dreadner Bank _.|
Djckerhoff SSeml
Gutehoffnuns_..j
Eftpas Lloyd „ M .I
Sarpruer |
Haecfait
U orach
T«r
—0.7
+3 "
+0.8
-2.0
-0.4
+2^
-0.9
l-l
-0.5
1
%
•18
20
17
16
20
20
18
Horten TT ,„-|
Kail und Salz^— I
Karauuit
Kaurhof _™.’
Kiockuer DM. MM;
«-k>C). Humbolt_-
Kropp. I
268^
225
192.2
70.0
349.5
250.0
147.6
276.1
222
127 J 1
192
119 j— 1
179
138.5! 4- 0.5
46.8. +0.2
129.8 -*- 1.0
109 I
344 +1
221 1-0.3 20
103.8, + 1.3
164 !-l
19
18
14
20
20'
6
14
12
j9
16
4
14
, 9
y20
YhL
%
JM
4.2
5.3
9.8
3.7
3.2
4.7
2.4
3.D
4.7
3.6
4.5
2.3
3.5
6.0
5.1
6.1
4.3
5.4
4.1
2.9
4.5
TOKYO!
AUSTRALIA
July 20
.3*1
Aaktd.Glaaa. ,
Uan nn. . _ . 1 IMlK
chfiS. —
Ohinpn—-
DniNl
482
551
800
Sonda Motors >602
ttouae Food |I^90
C. Itob ^ 275
uaifltppoo Print
Fuji Photo —
Hitachi
•Sricre
Ten
**»-
+2
+2
Unde......
Ltnrenhrau— ...:
LuRhnnaa ..._ '
1LA.N_ j
Manneimano _....
.UeuiRe 5 ;
Munch. Kuricvenu
Neckerraa on .— -!
l J mra«R ............I
I them W ut Elect.:
alenieoa
sudeutscheZclier
Thynren Butte....
Vuta
VBBA •
VereJo A Weat Ub<
VmkawMgeg !
101.5-1.5
234 +1 [
1.600 +40
114.51+0.5 I
184 I
149 -0.5 |
220.3' + 0.4 ■
425 :-i5
39.8,' +0.8! -
144.5 +0.5 1 7
17Ul— 0.3 I 17
273 '.+2 20
252 1+3 !
117.9; + 0.4
253.8 —0.7 !
124 . + 0.4
502
173 i+O.SI
12 ! 5.6
3.4
lJt
3.0
3.9
4.7
4.6
2.1
| 4.8
5.0
3.7
16 i 2.6
*19
14
14
12
20
10 i
3.9
5.8
2.8
4.9
5.0
2.8
Uo-Yokado ...
-lacra
J-A-L.
Kanaai Biecs-Pw,
homatiu
nabota.._.„..._..!
Kyuto
Mat oaliitn ind..
Ml Uu hi l hi hank ,
M ItauMahi Henry
HltmiUihl GorpJ
Ultaui t Co.
Mltunkoaht j
Nippon Donao— ..I
Nippon 5fainnan_|
NIsmui Motorr
Pioneer 1/430
dnnvn lftecrnc....| 210
dffiilsnl PreXab.„.l 801
dbneido.^. Ii.ISj
1.420
500
12,580
946
503
3 Ob
2,670
605
276
121 .
476
342
456
1,300
431
693
.+ «
1-3
-1 .
+ 10
aony <2,ol0
Gaanw
Marine.... i 3&0
Cafteda Chemical^ 242
Q)h
Leijiu
totao Marioe_.
rokyo Klect. Pwr.i
(<*yu dan m. ^
L'okyo bhlbaura
I'oiay....
I'n.vniM Motor—.
1.810
123
460
946
237
123
119
940
,+ 4
1-2 .
+30
A
+2
-1
' 8
18
16
35
20
10
12
13
14
20
16
12
16
4S
12
! 30
2U
-1
-1
-2
+ 10
+5
+ i0
-20
Oft
X
14
-4Ir
25
20
18
16
12
18
38/
n
July
A
Acruw Australia
r Allied MnVr-trdgJndaa fill
il‘ Kxploratliotu..^ |
AntpoT
.Vrapol Prixoteom.
Auuc. UlaenJa.,
araoc. njip mper
Aaaoc. Coo. Inauatriea..— J
Amt- Foimdattou Invest...
AJU
Andlm
-10
+ 2
-20
!*•
j+ 6
r 6
r 2
!-2
4 J
5.0
2.5
0.7
1.7
1.8
6.0
1.4
2.0
2.2
0.6
1.4
1.2
1.7
2.9
1.9
0.8
0.9
Lb
5.1
1.0
4.1
1.2
+.2
2.0
4.1
4.2
1.1
AnsS.9
1+ or
-Ml
+4-S1
+ 0-01
r-W*
+0.01
-8.04
| Auk. Ull A Oils.
Blue Metal lad..—..
nouaainvilft Copper.
Broken Hill Proprletazy ...
UH 6ouih_^__ - _.„„.._.l
Carlton United Brewmy...!
G. J. Cowa
CBK (81)
i+O.EO
Coca. Gold fin Id Amt-
Container (81)-
■-MS
,-0.01
;-a«M
Source Nikfco SecorUtax TSkm
BRUSSELS/LUXEMBOURG
July 20
AMSTERDAM
3m.v 20
Price '^-or , blr.,yr,i .
Fla. : — , * . f
ADOK1 iFl.iffit . —
Akx» iFI^Ol -
ilttrmMnkiF’l.l3>
AM tV (Fl.LOi •
Vmrsi Uanfc'Fl.aOj;
Utjcnkorl <Fl JtSJ)-..
UokaWeat'in F1./&
tlubnn -Tetter ode
Llwrier 'F1JI0)...:
Knni N.V. Bearer
liuroCumTKF/.Jft
im BineaileaF.IOl
HeinekeniMJfoi—
HnacnrcmlFQIFll
U uni er U'slaaKF ll
.H.C. HoTtand- ;
K.L-M.Fl.lOUl.— i
fnuMuiier iFl-Zu-'
Naarrtcn (FLIO) .. !
.Vat.Ni’fl.lna'ra'cf
SedCredUbtFIULi
AeiUlldUkiFiLO;
UCK (Fl.aOi.
an Ommeren...
88.5 -0.3 I 24
3Z.4 +0.3 ' -
5.4
314.6; 7.0
4 | 7.3
60.6: ! 44
68.4 + 0.1 < Mi. 6.6
72.6 + 1ft ' 43 ) 6.3
120.5:'— 0.5 70 i 6ft
75.3+0.2 29 8.9
229 :+0.6 21 f 2.8
109.01-0.5 ' 523' 6.3
60 i-2 130.115.4
55.0; — Oft 42 , 4.0
117.9—0.1 : 14 ! 3.0
37.5) +0.1 .10.25' 6.8
28.8; I 12 ; 4.2
16.41 — ».. 10 ; 6.5
121 , + 3.6 - . -
45.6i— 0.4 . 18 7.8
40 +0.3 10 2.5
93.7 + 0.4 44.4' 4.7
47.6' -Oft
163ft, + 0.5
165 i+l
164.6 -2.S
80.8+0.4
28.9+0.3
56.5, -0.5
183.1i + 0.g : 46.2' b,9
152.5,+ l.U - 5 1.9
. 121.5 -0.1 21 : 8.7
K^ralDutriwFUA. 142.70]+ 1.1$ Mi 7 D
riamBuqt's Hnt ; 231.5-0.31 19 | hL2
105ft: +0.5 i 27l 3.3
97.6-0.5 : SOft: 1.3
124.5' + 0.6,41ft; 6.7
43.O.-0.2 ;dO.R)i 2ft
68 , — 1.6 1 14 j 2.!
347.Si-1.6 , 32 ! 4.6
Pabhoeii (FI. 20i!!j
Philip* (FI. 10)... I
■ijDM-hVcrFl.lOCi
l(nL«eu(FLatru... ,
RolJnroiFl. 30).-
KuremoiFl. au<...j
1 20
20
■ 34
6
<21
16
Price
Fra.
I [dlv.
I + or Fra. Yld.
i - «
■Lrttal.. 2.370
Uq Bk Lamb...— 1.620
Bekan ■•a- ,1.980
f.BJL Cement .. 1.358
(Jockerili ..J 500
2.220
Conzlnc Klntinio— .
Cwtaln Australis (She).
Dunlop Bubber (SU
KbCOH....
i+flioi
Bhier dmlth (81).
**JL industrlra—
«*en. Property Trow J
Uamerai^y- - J
Hill to Uriuiuh SL f
Hooker j
I.U.L Australia .1
I.A.C. Holding*
1 met -Cupper ... i
Jenninei Industrie*..™...;
Jones (Lurid)..
Metal KxptaratJ on ■
M1M Hold! orb...
Mi"et Hmprxinm,
MriMlas Internal tonal ;
.V on h Broken H’dlneaffiOc.-
UubrklM
Oil ttaudi I
Ptoneo Concrete ,
KecklUA Col man. .]
H.C.blriffh..,
Ktoct rebel. 6.320
Kahrlque Nat. 2.410
«.B. InravUm 1 1,8 10
Hcbnaen 3.025
IQleruornm ........ 1.745
+redtetbanft >6.890
If tfthc*. J5.040
Pirn Hi+dlnc. 12.700
8.1
6.3
4.a
f 11
5-2;
5.6
PMrMina.
I’hntp Urenien. ..
sec. Gen. Buujiip
miim . .
* I| I , T..— ™m..
rrtaioo meet. .
U.C’.B
cn. Vln.tl/lOthl
1 1flllf Montagnpl2.540
14,145
1.242
2.825
2.060
15.015
12.760
2.680
1.850
880
;+io" 60 I 3.7
1 90 . 6.6
;+ io i -
! :177 i 8.0
+ 80 1400 . 6.3
,— as ;ioo r 4.2 J
13U I 7.2
t23 130 I 5.0
-5 142 1 8.2
—10 |46S j 3.5
+ 50 i305 , 6.0
3.0
routfahml Mining......
Slocks A RoUlni.......
luofli (SLi J
n
lV B ltrm*..._ |
'Venern Mining IDO cent*))
Wool wort (in,... .1
h*KMW
t0-07
tlftfi
tl.00
■fO.61
tl.42
tOftS
fl.76
tC.92
U97
U.-48
to.io
tO.75 ‘ A
11.12 WUB
16.04 |-0
11.27 '
t2.oi
11.67
13.18
12.20
11.65 ;
13.10 (L4I5
11.80
11.05
10.92
12.02
:2.80 —0.02
11.25
t5.10
10.06
tQ.69
11.75
tO.67
10.28
11.12
10.9
tO.20
t2.Q6
12.01
11.00
10.7a
11.06
11.37
10.08
1 1-20
15.10
tO. 61
10.23
11.98
tlftl
tOft4
IlftS
f 1.44
MdIiis
H-oi
-0.B2
OSLO
.
Price
pi?.
Jury 20
Kronei.
%
tteKBna Ban*
100ft
+0ft
lu
Oiedi thank
•87ft
114.6
+ J.5
+ 1.6.
4
U
Kinunns......
4671s
sq
KredUkaaeen — :
108.0
+ 0.5
it
Nun* Hydro KriSC'
227.51 — 5.0
12
starebraod....^..
118ft
—■1.6
4
y t
BRAZIL
1LS
“KET
TSTIilv.
Juiy 20
Cru*
— . jUrm
1.56
4.18
—Oftffl 4.4+1
— 0-08)8. La
danuo Braxii PP.
Udgo MtaelraOP
tftaJuna PF__„
2.86
1.12
-0.14ii.16'
+0ftZu.A-
-Oft«4ftU
Lojss Amei. OP.
2.60
I’etroba* PP..
2.44
— O.MlJ.lu
iamlui UP
2.02
— 0.081 i.OB
Uannesman OP.
2.40
— Oft3‘j.ie
wuza Li u* OP.._
2.52
+ 0.BS|j^i
Vale Rio Dnce p|
1.&3
— O.08;4.13,
• iR
at
Voi. Cr.75ftm. Shares 33.4m.
source, kjo de Janeiro SU.
JOHANNESBURG
. MINES
July 20
Anglo American Co run.
Charter CnnsaliiiB(e4
East □rleZumeln
Elsbura —
H armors *
Kinross
Kloof
+0.02
-8.04
,+o.os
RuatL-nbmu FtaUnsm —
St. Bclcna *
L a'm I Snath Vaai
Gold Fields SA
Unton Corpora 1 1 on
De Beers Deferred
Biyvoorutulcht —
Bast Rand Pty.
Free State Geduhl
President Brand
President Steyn
SUhomcln
Welkom
Wen DrhJoniclu
r i . Western Holdings
*S-S2 Wesiera Deep ....
INDUSTRIALS
j+fl-01
' NUM
!-8J2
!-fi M
usftf
^ -
•c >.
HE
PARES
ti
+ 3
+ 10
+ 5
+ 30
-95
+90
174
80
189
,135
|405
170
182
140
80
100
4.2
0.6
B-7
6.6
6.8
7.3
6.1
7ft
6.7
4.1
SWITZERLAND*
■?U^ii»GrptFl.l4C.
lokjaPac Hid/tEl;
Lnt lever (FI. aO)..
Vlkan/t ltos.lui.fi]
VHP dturk
Wratlamfiu. Bank
COPENHAGEN *
July 20
ledeutankca,..,.
diirm'nu Wj*,s .
l)aii«ke Hank
Dali Hrivlnkliank
Kart Ariaik-Ufi,...
Fman*bsalicn„ u
f't. Un- SB erier..
r»»r. FB[itnabrtfc..
Haudeittank Cop
(i. iNartbern Hid.,]
Muni Kabel.
Hltdabrik_.
Ptirsthnnk.
roph. HerendMnJ
Hlpwln.
147*, —1* jalO
271 is 1 + 1 iai 16
137*4 '->+ f ”
It 6*4- 14
260*41—1+
131 t4l
560
86
140
265
2671a'
l-U
—3 in
126*41+ l>a
19«V— U
288 -U
281toUi4
8.9
5.6
8.0
6.6
4.7
9.9
3.3
9ft
7.1
4 Jt
4.4
9.7
7.1
3.7
4.2
VIENNA
Jmv 20
. Price f+orj Wv. YW:
■ ■» • 1 o I a.
- : % \ %
L nf ditan*hUt I . II M 350 10
Hi’niKmtt.iu.n'' 286 • S
+*<»,!ta. 668 ;+ 1 j 48‘
JWmperlt.^.........: 114 —X ; —
Merr Dalmlw*_,j 191 1+1 ; *7
vWt Magnmi 314 ! >22
2.0
3.1
7.2
Julv 30
1 -
Wes
Fra,
Aluminium ........
willy Bid
ilHL, 'A'
Diba Geliy—.....
Do. Do. Part,...
Do. Da Keg
Credit tialssr.
KtaXTOwat! :...
Fincher iGwrse),
U'nd Use JolFW
Uafhnah LsKaatae
Da (iraall). .
Interibod U..—
N^le Fl»(100)„
OerlUooijSjhjria
Baudot. (Hr. AD).]
Da Hr frrtOri.il
dcfalndler— — ...
doc. IU. Pirelli..
dnlzer
dwinrir (F. AW)..
Mrts* Bank CorpJ
nwlw Udnaar.... J4ft75
Ua'Danko^wlix.
(krrlch Im. br, w,425
1280
1.495
I.08O
lft85
672
1.990
1.590
685
1.160
87.750
8.775
2.729 '
5ftl5
2.115
2.070
4,875
586
276
197
380
742
372
1—5
+ 10
2.910
4. or
+ 19
1-90
+ !' .
-10 ,
Mv-
%
16
2.0
3.4
1.6
2.0
3.3
4.0
3.1
July 20
Price j + or
Fra. , -
Dlv. Yld
ft*. 4
Kem« +4 I 1 60.0, +0.6 1 ni| 1 0.7
*Oodd' *“■“ * “ "
UrlqtieOeddl'ie!
AlrLlquWo.„
ultaina -
Aqut
me.
donytrora
«MLK. OeCrai*....i
Uurefour
OOft
C.l.T^AknteL
Ule UuK*in~
Club Medltcr
Credit ComF
Crotiaoc
Ikimi
Fr. Ptem te taMMM.r
Goa. Ucddentn)e.|
V metal.
Lrf ra u —j
African Expire, and Oicm.
! AuKlo-Amcr. Industrial ...
Harlow Band
CNA Umstmoms
Currie Finance
De Beers Industrial
Edgars Consolidated Inv.
Edcarx Stores
Ever Ready S-\
Fedcnle Volksbeirssiizgs .
.Grcaiermans Stores
Guardian Assurance (SA)
Rnlcus
LTA
McCarthy Rodway .......
NedBank
OR Bazaars ..
Premier Milan*
Pretoria Cement
J’rotea Holdings ....
Jacqure BoTOL...
(ahrc«„ n .. ln ..
L'Urml
+95
1-25
10
-10
+25
6 I -
AO | 1.7
550 0.8
55 | 0.6
, 20 3.6
Utt.:' 2.B
jnA.li| 4.X
14 ! 6.8
+ 2
,+25
kl5
1.6
11.0
1.6
7.1
3.7
4.1
2J7
2.1
3.4
2.1
MILAN
al6.i:+0.l., twft! 5.3
3 £9 .X— 1ft j 16ft' 5.0
270.1+4.0 44 8S
066 1-2 ! U-Zt 2.0
347.9 +1.4 30 8.6
468 m + 1.8 1 37ft: 8.2
1.121 i+11 I 60 ' 5.3
236ftj-0.6 \ d7ftl lift
860 |+12 38^ eft
245 + 2 U t 4.9
378 -+0.9 ; 6 ; l.v
88.ll ' lLl’iaSi
7X O-.-O.ai la 16.4
3 22 8 iTL XJ ! i*‘t ta li 5«^Mtoes Propertioi
i72.o:;oft!8A J J:ljKS ra,Rft CPWP
&* sdsi
154.5! ilo/7I1.0;c. G. Smith Sugar""!!"™
728*4 + 1 jliua? 2ft 1 Sorcc “
lft 30-14 j 30 ■ 1ft ISA Breweries ...
r: ftl2 ; +7 . 37ft 3.1 Tiger Oata and Nat. Millg.
ri.135- i+4 39ft 5.5 j Umwc
L«ffmai](%.--
■Waaon Pbefll* » lftlS
Mlebriln M 8" L ““
Uoet HoonraMW-l 334 |+4 lllftir aft
Moulinex 149ft I 3 2.0
Uaritxi - ... 145.l!— 0.4 | jflft 1 aft
fafaiawi.. — - j . 74.7. + 0.1
1'ernodTtoehaid ..{ 224 ■ ■— 1ft
74.7. + 0.1
Peugeot-dcrosa.-! 226ft+5.B
FuHalfl.
Wndto Tecftulqoe
itatoubc
dhone
« Oohaln
! + 4ft
104
379
537
59
107.0 -Oft
!+i
ikla UaMlgfHL—j 1,600 J+Z4
sues.
fetonifiduMrw— '
nmMon Brandt.:
Uulnor„^
211 —1
7ft. 9.9
13ft a.Z
16 6,6
SPAIN 9
July 20 . .
/Island
Banco Bilbao
Banco Atbnttco (1.0M)
Banco Central
, I Banco Exierwr
14.65 8ft ! 5“?=? Grtwral
17^0 +.3 ! S* 0 ™ Granada (LDOO)
•** — * * JS.5 12 0 > r* nco HjSBaao
508 |-3 ’ U8- 4ft j 5 ai l C8 . M - Cat (IftU)
154.5 16. 15 : 9 8 §' ^ Mcffitenraneo...
. _ j Banco Popular
Banco Santander (2J0)
I
5,0
'1S.0
23.05 -0.46! -
STOCKHOLM
July 80
"Price
Krona
July 10
Price
Lire
+ re
riR?
Ure
}YM.
U
AN 10
168
+5
]"_
Itoatofr)
822
+ 2
ira
1 —
Plat
1.736
+ 29
160! 8.6
Do. Prlr^
1;160
+ 17
160l2.fi
FlnsMer
27
+ 4
1 -
Irateriientt
10.0GC
-26
200' 2.0
l«l*Mer —
116
+ 6
' -
Mad tobancK
36.400
+ 59T
L30S 5.3
Momedistn
236
+ 519
W
-
UliroUt
90S
+ 25
Pirelli A C..MMU.
1.928
*50
110 S.B !
Pirelli
950
80
ante vucoM w ..
745
hss
m.
0.8 1
AGA AH
AttalavslB
Am (Kb
Mias
BlUarad*
Htrfors—
Oarrtn I
Cdiutota— 1
ElfleLTfrinx — I
EleoLrolnx ‘K’. — ,
HrlcaaariU’fKrSQh
KmcUo “B*’—-)
D range* (bvetw..
Hnmifl(*iMB)toD...i
Marabou ni
Mo Dch Doo**^;
^■or ; Lnv.-xid.
(1,000)
-2
+ 1
—3
TBnd*nk*B'KnOi;
I'ditaljnlm ....— '
VnlvcuKrtOl '
170
128
114
114
136
271
S40 i— 7
261 ,
119 :-2
99 1
237
72 -2
58.5'
293 VI
126.
90 -8
814
67.0 -0.8
228 + 1
64.0—0.5
82 :
66.0 * 0.8
Banco tirqinto
Banco Vacua
Banco Zangozano
Baanoita
Banua Andaluda
«lcic^.. w “ c “
*■? I Stmrados
5.5
■I pa
I 8 1 4.3 J tihnobanir _
{ Jt *»( I’ *■ Ar«*onwi"..Z
fifi' f-2 Espanria Ziijc
1 - 1 ® 1 f-f |*»L Rio Tinto —
dl2 : 3.4 Fccsa (1.000
' 10 ~ ~ "
!5ft
3.8 ' kcboh a.ooo ' 1
4,5 ! GaL Prectados
6ft . Gragn Velazquez
17 b 6.1
8 6.5
6.9 7.1
3*« 2.7
4«2 6.6
16 7.1
5 7.7
3.4 II tore la
10ft! Rtonfifero
“ Olarra
; Papelcras Reoa-das
, Pesrolitwr
■ PorraktH
Sarrto Papalora ....
Solace .. ... .
Sugi'fcia
Ti'lr'lflnil *
■Torras ilnsfi neb
Tihmcm
L'woo Elec.
6 8.3
■
OIK
kThe Financial Times Thursday July 21 1977 :
**.••* -
*■* rf.- , "
*7-1 .
....
r - . ..
ia>. •-
.•
*►- w .
►*: .
idfe:-. .
acute
7 dealers
ur Commodities Staff
Coffee prices drop £200
as the buyers back off
Institutions NEW ZEALAND DEER farming
a?awe£ A new venture that
■'RTAGE of high-grade tin,
scribed as “acute” by
BY RICHARD MOONEY
John Cherrington,
Agriculture Correspondent
,^ el ? ed “P P rices COFFEE PRICES on the London which sets the amount exporters day £106 lower at £2,947 a tonne, published yesterday shorn tbit
S®?”** ternunal market ytetenlay sank must deposit with the Central Prices had initially moved up- institutional JSmSent
3y - . hifih fijade tin to the lowest levels since the Bank for each 70-kilo bag ship- wards with September gaining agricultural land Is concen-
; 'J h ® ^temoon beginainK of this month as the ped abroad, has already been cut £40 higher early in the morning, trated in uie soqUtern and
-S*SL ; \ t0M f and few remaining huffish factors twice in the past week and three But prices turned easier almost eastern arable areas. wh*r*>
it £6,135, £725 up after a faded out - of the picture. The times in the past month. immediately In the face of trade boldines arc ecnrr*ifv tall.
IV. CMturnhw tuirition ended rh*» s-rimio nmhiaiM. M OTW* -1.1 generally large
is catching on
BY MARY CHERRY
"- ,y - t . September position ended the Serious problems are also re- and speculative selling. and profits over S
• hww .1 Lunuc. vu«r cuucx nuuim* <ue weiieveg GArnnrf nn<rt» c „ „ _ m.
aP,JF*5S forvrard onosually favourable weather ia.ffin by Leite Barre.ros, Crab. eneoSd ttl £!? , -5Jto2 .£«
f. it £6,142 a tonne,
■popper market wa
d following repoj
propped up in recent week, by head “portefte. few dey, •». ar^S^r clnL froi th? mV .Tr
rumours of producer support £ creditors' agreement provides responding 1976 quarter. At the of
buying and concent over a tight ,or 4 moratorium on company Si of last montt dealers iS JWItoUonal holdings as being
I nn fhl debts and repayments over a “2 “mL** w *" “ «nt_ of *U landlords
.**. t-F.'
i.« a - ■
.,. . «
. !-*
*.
' *
iT. •
iy- •>' •• •■ ‘ ■■"
* ***■
i -n'
- *"
' -i > , » -
¥f ~~ . : j.
•V: --
pf
** ' *
k or strike talks between ne ; r h« "..ty situation on the aeM * *M repayments over a mnerallv wotectine *» mT Za.u* CTn S°‘ *“
la Co. and the labour Jw YoSuS But both specified period during which the Saoged grlnd!n©figure but d£- ^tJSEI f SL , " l i {? d
JS55?2- ."5 ttese factors now seem to have ^C?A'!lfLL appoSSn? out-turns in the uJl ing ^sf 0 mider - 3
s that Anaconda was to di£.*mnear«i ■ London sources said the Bran- 9n j west Germanv annnar tn , una “ f * Per cent of
Mown its underground New York last lian ^ orte ™‘ difficulties are SSe bSLbta^SS n SU 1 “ dhttol,i
nine at Victoria, Nevada. 2* nfanSin hMi of deliiS? assumed t0 have resulted from view ' 8 P simisuc , t dasseg M
verail, gains were only Sy? iftta ught a high-priced coffee vaterfirt f»n »» .1* 1, covering financial Md chari-
nth most prices closing enupeS?' whlch been shipped to over- , also have table and all other nsn-hrivate
higher on the day. gj ffl, seas warehouses, but for which ^eJS^SSSL^ » n W that ergiiSSo^L sSif
'• ncing the indefinite sus- there, and with this bullish buyers cannot now be found. a West German confectionery M *h e Q, nre i, commls-
• of mining at VictorU fa ® tor 8°"® 2* SfSiKS'E!™ added that there seemed company will shortly introduce sioxaer? ro
mttber 1. Anaranda who were 4SSmnBd to u hEVC uttle prospect of finding buyers * chocolate substitute which is JSSin/VS ^
hjgb° production^world sppportlpg ■bd.q.rkrt appear 'f ffi] ™3."2S » »• ."ibbl. for «■ ■ JTSi 'SSf 7^./ S'SJE
l unexpectedly low eon- reasoned-tnat discretion future. European roasters have P°£t . tuiioiul InvestrocBt.
I uaexpecteuur ww no ^ ^ better part - of valour and taken unie interest in the mar- . SToRwerk AG will introduce mvesroenu
stopped support operations, for ket in recent weeks and are not the product, which uses no cocoa, concentration of fnstltu-
tbe time being at least ' expected to buy while there is In West Germany next month at Oonal ownership in the
The decline in world markets still a real prospect of further a price “much lower” than that ?®2 theni eastern areas
jf la VSIil.il is reported to have created con- price cuts, with Brazil experi-_ of traditional chocolate pro- fleets the concentration of
alaysian
iber
tput falls
siderable nervousness in Colom- encing the warmest winter on ducts. It will contain sugar, vege-
bia, where coffee" is the dominant record, coffee appears to be a table fats, nuts and raisins. Hans
export commodity, and yet buyers’ market, they said. Imhoff, the company's chairman,
another cut in the export deposit London cocoa futures prices said. Asked if the new product
is rumoured. ' The Colombian also fell sharply yesterday and will be exported be replied “why
export deposit or M reintegro ” the September position ended the not?”
BY OUR COMMODITIES STAFF
WASHINGTON, July 20.
A LUMPUR, July 20 — : — : — — : —
alayslan rubber produe-
pril fell to 90.580 tonnes -w- ~r • '
«SS U.S. to scrap sugar supports
res show. . . . , .
EY OUR coMHooma staff Washington, Mr 20.
but were above the . •
•April last-year, Reuter THE PROPOSED price support Meanwhile in Brussels the prices fell the more flexible
programme’ for- TIE. _ sugar EEC Commission authorised the sugar negotiators might
consumption amounted growers Is wholly ineffective and sales of 39,555 tonnes of white become, enhancing as a result
onnes, against 3,096 in will be changed, Robert Strauss, sugar ft its weekly open market chances of a renewed sugar
d 2,817 in April last special trade ■ representative, export tender. It fixed the maxi-, agreement before the end of this
> told a house committee. mum. export subsidy at 23,899 year,
at end-April, including . ' We're going to have to come units of account per 100 kilos.
nt stocks, amounted to up with a better programme, The final tender of the cur* — r ■ ■ —
tonnes, comprising hopefully by ..the end of the' rent campaign will be held next
ones in dealers* hands, week,” be Midi" . ■ week, and the first tender Iot T c/ai/Q •
estates and 9,248 at He added that the best long- tbe new campaign is on August -La» M/j A
• Tange solution- would. . be an .3,
at end-April last year international sugar Agreement Our commodities staff writes: nrOPPCCPn
254 tonnes, the balasc- The proposed ■ programme On the London Terminal Market r wvvjjvu
larger landowners and points
to the fact that over - the
centuries arable land has, with
the exception of the pre-war
slump, been generally con-
sidered to be tbe better invest-
ment
- Membership of the EEC,
where the balance of profits
favours arable farming aimnq
at the expense of that of live*
stock, will undoubtedly re-
Inforce this trend.
DEER FARMING is proving to
be an attractive new enterprise
in New Zealand. Meat output
and financial retains per hec-
tare are considerably higher
than for beef or lamb.
However, against this has to
be set the fact that risks are
greater and capital costs are
likely to be higher. The financial
attractiveness applies not only to
uplands or areas of marginal
fertility, hot also to productive
lowland pastures.
Hunting of deer has been a
commercial activity in New
Zealand for some time and a
lucrative export trade of veni-
son to West Germany has been
built up. Farming of deer for
venison and tbe * velvet " of the
stags' antlers has developed
more recently as some New
Zealand farmers have faced the
need to lessen their dependence
on traditional meat and dairy
export products.
There are no some 20,000
deer (mainly red. but some
fallow) within fences on farms,
and producers have formed their
own Deer Fanners’ Association
with a headquarters and execu-
tive officer In Wellington.
With so many deer existing
in the wild in New Zealand,
many farmers with patches of
bush on their property have
been able to start by trapping a
group of animals who come regu-
larly to graze. They observe
where they come, erect a high
deer fence and then simply shut
the gate.
When I visited one of the
pioneers in central South island
he told me that his first concern,
as an ex-hunter himself, was to
protect a small herd that
habitually grazed his land from
being over-hunted.
Fcnciug has to be good and
must- be about twice as high as
that needed for sheep so it works
out at almost double the cost. My
friend had given up wire
netting and gone in for high
tensile wire 12 or 13 strands
lugb. It is not particularly diffi-
cult to keep deer in; a greater
problem is that of keeping
poachers out. particularly when
there are fawns about.
At the moment most farmed
deer in New Zealand seem to
be slaughtered by shooting in
the paddock, but I also heard of
the existence of a mobile
slaughtering unit The meat is
ideally suited to modern tastes
because it has a particularly
low fat content
Carcass output depends, of
course, on quality of land and
management on the Pftheax
of stags to hinds, and of me ag
of the animals Ht AaRhtOT-
In trials at the * e ,
search Station quite outstanding
output figures J2E!!
achieved with peaks of. 85 younj
stags per hectare for six stumne-
months on best ryegrass BasJS
yielding S00 kilos of .caracasi
meat per hectare.
Stag calves have grown a;
about 250 gins a day in ®up JEei
to reach 93 kilos liveweight be
fore the onset of breeding. Hmdf
have reached 75 kilos at firsi
mating at 15 months of age. Staja
have been slaughtered at «. «
and 27 months of age and killed
out at about 60 per cent, clean
carcass, minus the hide, as >
percentage of liveweight — sub-
stantially better than that foi
sheep or cattle. .
But venison. Is not the Miti
profitable product from deer. The
" velvet " that can be harvested
from stags’ antlers is in great
demand in eastern countries ana
a well-fed, healthy animal wil
grow two to four "crops." '
Much secrecy surrounds the
age-old formula with which
Eastern people prepare the “ vel-
vet" which is highly prized foi
medicinal properties and notably
as an aphrodisiac.
The Ownership of Land by
Agricultural Landlords in Eng-
land and Woles. £1.01 postage
paid from NEDO books. 1,
Steel House, 1L Tothill Street,
London SW1 9LJ.
EEC imports more tapioca
AMSTERDAM, July 20,
Less soya
Rubber factory
plan for Ghana
nuite »,U UUU — ^ - ACCRA, July 19.
processed . ™
sr* WffiSB rsswysMsw s& Hs ® *
nt said it will raise the of sugar. feff- below. 13.5 cents a her price slipped back £1575 a lUFSl h!SSJSS^kLSi£
nt said it will reise the tf^^^Ts.5 a bSr’ rfST
irt duty on rubber to pound/ ..... . ' . tonne to £109.525. . *2™ crushed 55.606^46 bushels quality crumb rubber for export,
per lb from 14} cents, president Jimmy Carter The only noticeable factor The Ghanaian Times quoted
r uly 21. earlier this 'year- rejected which might have affected the j M r. G. K. Baier, general manager
charge on rubber also recommendations ftom the UE. market was the start of fresh 73^36,000 in June last year. • of the company, as saying that
i 4i cents per lb from International Trade Commission talks in the UJK. capital which. In its monthly 1 report, the work had already started on
■ . . . calling for- a «basp 'cutback in it is' hoped, may lead to an NSPA said members owned constructing a dam to supply the
duty on copra will be sugar Imports, through quota extension and improvement, of 164,458^68 bushels of beans at factory with water when it goes
!0 (87.20) Ringgit per restrictions. . The White House the International Sugar Agree- Jbe end of June compared with m f° fuU production not year.
• duty on palm kernel decided. Instead, to provide ment which is -due to expire at 12&894J100. bushels a ; month The rubber would be exported
unchanged at 47.05 deflate cy^Rymentg: to domestic ' the end of the year. earlier and 108,179,000 bushels to Europe and the U.S.
sugar producers, “V" " ; Borne traders -felt the more at the end of June last year. : Reujer., .......
EEC TAPIOCA imports — about
95 per cent of which come from
Thailand— -have risen sharply in
recent months, bringing down
prices. A fiat market can thus
be expected in tbe sbort term.
The price is currently around
DM250 a tonne cif, according
to Dutch traders.
The trade considers consump-
tion will continue to rise to
about 4m. tonnes within the EEC
next year from 3.5m. tonnes this
year and around 2.75m. last
year, a spokesman for the Feed-
stuffs Commodity Board in The
Hague, predicted.
’ One major trader said, how-
ever, that EEC Imports might
peak around 3.5m. tonnes this
year as compounders in Holland,
Germany and Belgium reach the
upper limits for incorporating
tapioca in feeds. Use is cur-
rently around 35 per cent in
pig feeds; 30 per cent in cattle
feed and 10 per cent In poultry
feed.
Tapioca currently benefits from
EEC import levy regulations
which work against grains. The
import levy on tapioca is 6 per
cent of the contract price or
18 per cent of the daily EEC
barley levy. Barley is currently
so expensive that Importers have
opted for tbe 6 per cent levy!
the sources said.
Prospects for tapioca there-
fore depend to a large extent
on EEC policies, they added.
Reuter
Middlemen take lion’s
share of potato price
BY OUR COMMODITIES STAFF
DURING MAY more than 60 per
cent of the shop price of
potatoes was going to the midlde-
men, according to the Price
Commission's latest report
The Commission notes that
while shop prices actually fell
quite markedly during the first
few months of the year, retailers*
and wholesalers' margins in-
creased to compensate the trade
for lost sales and increased over-
heads.:'- •
Consumption of potatoes was
10 to 12 per cent lower than
during the same spell last year.
The report shows that the
average retail price of potatoes
fell from 12p a lb in the last
week of January to 8p a. lb
during May. In the same period
the average gross margin rose
from 4.2p a lb to 5p a lb, an
Increase from 36 per cent to
61 per cent in just four months.
MODITY MARKET pjEPORT$ AND PRICES
WPTAl 6 material risiiis jd £7511 Influenced br tbe contango narrowing on tbe kerb. In
'.UXiAAJLiS tfae upward movwaxit on Comes follow- j Hie afternoon die price root aB-adj to
-tfPTAT C material rising jd £750 Influenced by tbe contango narrowing on tbe kerb. In rArrm
~-VIXi A ALo the upward mo«mairt on Comes follow- j -Ba> afternoon tbe price roee afteab to L.I Mrr ft r.
xCrtwie firmer on Ibe Lon- to* *ews An ac onda bad broken -I&445 - before easing iBghtfy to doae at ^ ,
: .change. Initially forward ™-’ ufta wiUUBe . unions and intended £4.135 on tbe late tat»- Turnover 3.4® T '
« ■ ibepre- market /• ewpeim operationa at its Victoria mine tonnes. ' £££? .
seUng but prices steadied ‘ ' ‘ a.m. U- orf p-m. }+ or Md*Cormni*sion
'-W Rings following West nrlc * 10 TIN Offld^ - (faoOcU - Smket^Bteproi
.-e which lifted tbe price JSSS*-^. _• _ ~ *1*. ■ - SKfSwTto S
COFFEE ROBBER & » SJS % S ft im
ts. s —
reports DrezeB and ' Burubam. 'Healer * ood d wii a nii . dosing quietly steady, °P H-2_per cent- , ave rage price
awl Commission House sailing kept tbe i-*wis and Peat reported a BL2op (-ruij; sneep nmnoers up 3J* per
CHANGES
Mobs per tonne nzflesa otherwise
U.S. IVIarkets
or awl CommissloTi
railing kept tbe !-*wU
I Joty aq + or I Month
Sn I — ago
NEW YORK. July UL
V -« 1
V - At* *#.
ahead
. .
- 'V. + or
.1 * ’
dal —
jsr-f ;• 7
-W
ft
.WL. J ' . -•
5-7 f2.5
■*
si
•-7 4-2.76
. 17 +Sftj
»: t ’ ~ ■■
B fftE
' ^-7
—s - r. - •? -
1 +3JI
• '
V. or! pjn. +tor Caihode*. eaah £7175, three mouths fct,# ; 6 r*Tr , ° 7?
dal — Unofficial fTMJ. «7; ' Kerb: Wtreharr. cash £727.6. 6115 +S
; three montbs 1747. 47.5. 48. Aftentoon: Bmnaard
£ £ . £-• Wirtbars, cash £!3S, three montbs £744, “1H
1 J. J, I, W, I, ». 49.5. Cathodes, cash a«ontba. 6110-2 -».l
9-7 t2-5 730-3 rt.75 f 721 - **"•• ““*1* tT3»J. Kerb: Wire-
•-7 t-176 749^04 +k bar*. montbs £74»A 44. 48A 48. *tdta N_ 1*3560 — 2&
17 +SLK Tm— Cafoed farther ground condnuiog New kora -
6142*5 -f 36
£. day, 030 to £225 down on balance. “
+■71* Traders said that tan of a further .
+6U reduction In the Colombian minimum sell- uj <
teg price s t mut ure was keeping potential
- buyers reserved.
+47-5 — — ■ , — — i — ~ • a n >
all day Ad prices awlown price of l*i (US) cents a kilo ceot..averugB price U5.1p (-L4); Wg
tr die lows of tie (borer, Anguit). unmoors up 27J par cenL. average price
wToTbdaaw 1 SJ-W C+IP). Scarined-CatOe nnmbers Metals
n of | further , L- . . I „ _ . down ICC per cent., average price SUBp Ahi mtirinm Efi
ian itailnumwn- P^ * Tl<,a, B ^ em <+MOs Sheep numbers op 1X2 per cenu Free Market fotai... fll
1
I clow
average price lbXSp (+-4J): Pig numbers Copper I j |
UP 318 per cent, average price 32.8p Chah Wire B«m_.., l£730J +3.7W £769
<+«£). •
OOFPBB
featwUyi
Olooo
4-or BuatneM
— .Don*
jurodect foe acme rightness of- nearby Morning: Standard, three roanthr‘fe.070. j^y M .. ... 1 g4t>V4fio
+4 . Forward three months X8.U8, IS, 1C. 'u. ». 3C. MSvtaber.." Sl?lll80
gwt aial <g »ened lower at ffi.070 owln* to "is. Afternoon: Standard, three aonriw Jana*ry._^_ 2106-250
149. 02289-1 70 J«n-»
An*. — H.4A6M
Sep. 52JJ0-62.8
Ott-Oec 62.45-52.6
im-Xr M.4&*4.4
Apr- Joe A6JWM
lly-dep. SUIUi
tvn-Uee 68.4IMHU
61.15-51.5
51 JUU
52.45-62.4
64A5-54.4
BUHU
— cocoa— Ghana spot us Quoted. Baida
earn i? 4S ^? >, .S? PL 2M - 96 ‘327JS1, Dec. 303.00.
c?n2n an £ Iwch “i** M*7 ISC 05, July J77£0i
— ■ p.060-40 SepL inus. Dee. WJD. Salem MSB
lots.
1+03X £749^5 i4 £769.6 " c " Contract: Joi, 240m-
61 .58-50.80 COVEHT GARDEN (prices in Sterling)— Caab Cathode £720.5 +4 £758.6
I'Vr** Prodnce: On^aS. Attica: 3 mouths 60. .A0. .- E739^ +4 _ iT^**^**™?™™***,
ea-Kc.M imponao ptobhge: wnuso— o. ameue .uwuuu, uo.,Bo....waMTt *- ' Hit inn lltN | liiit
H’SlxS Cajifondan: 7V1S8 6-00: Oold-.. Troy o*. SI44.KEB -1.0 *154.575 vSV^jfc ed“nJ Jv mmlmo
54^65.70 Braxaian: 5.00. GrapofriA-S. African: toad Omlu. £336 -1.5 £343-26 ns lot^™’ “**• lao - oft - 18S - ot> - Sales:
M-W«.65 per carton tt S.40, 58 xffi. 40 C06. 48 Amonrha.. earn —OB ££45.25 ”,
5X4052.4
M.45-S4J
B0.50-KL8
82.76-88.1
8CbO-86A
■WKI..W H.UU. so, «. w, 33. «, ■«». mia uraoe, Mmrr+ 9O70JJ80 UT7B
Prices then moved ahead to £8.00. wim three nmntlis £8.16C. Kerb: Standard. UmtZZZ..'. J07rD73 Liwl
11804)80
£3.160 Coppar-Jnly 57 JO (5680). Aug. B7AB
1. (57.00), Sept. 57.80, Dec. 5BJ 0, Jan. 58.70,
(|2.02 March 80.80, May 81.50, July B2A0. Salta
1A82 lots.
oiVsK!^ . *■ Oct *<»«»> (80.55),
itionaf—n more pages
led commodity service has all the
' “Its and indicators to provide you
iwers.
or a smgh Issue, £5; eight week trial, £20; one year
eription. £110 ( to Europe, £13S ; USA., $300) to:
CHART ANALYSE LIMITED,
194-200 Bhhopsgate, London EC2M 4PE.
1 . tn«t. • n 1 r - — "7 Morning: Standard, three m nn ih r £8A70, July « 2410-460 -T20^343 OjM 0 Hy-dep. M 85-58. 5 1 58.40-68.50 58.90-67A6 1 1* 55 4.4a. 64 CSS. 72 C05. Lenians— N it-^ai *~lcr iaa I . Ipjt inn Ceppe r — Jnly 57 JO (58 «0). Aug. 67J4S
7TO-1 j+4- 5t~.reP.Sfc U. 15. Xarb: StMdwd, September .. £280-290 -227^430^280 W«4-I)ee M.45-KL46 50.60-BtUW B8.75-584>0 Italian.* 5.04625; Spanish: Trays 30/70’s ] I J /57.00), Sept,’ S7A0, Dec. 50.20, Ja£ 58.JS
^ rCe l0 : ^ November..^ 2171-180 -148.02289-170 J*»-Ma/ 5X404Z.4S SLTtJuM BXAM1A6 12J8-L80: South African: 5AMLOO. Apples Free Marine ft*)... *1.96 I „. £2.02 March 80.B0, 54ay 81.50, July B2A0. Sales:
S’- Jenuary. 2206-130 -156. oS 2 15-100 Api-Jne. kC 45-54.80 8CsO-86Ad MAO — Tasmanian: Simmer Pippin U.00. ^ ^ 1M . 1^82 let*.
£8,190, 36, 48, 35. 38. 48, 48, Bisb Grade, Kerch SO7O-O80 -TTt.MlSDOSO I Crofton JXOO, Granny Smith HAD; W. ^*aOnnm(5)t«»BOB.«£97-l02.B E87-102J r*tH»_WB 9. ,
three months £8.160. Kerb: Standard, m- 20714)73 -1 47 -fiu! 130-070 -■ln iin iimV im. nr it .. Australian: Granny Smith 12SD-U.OO; ftae M arket , £87.55 +0.15 £66.35
ttore* monttw 0,148, 3V 42. .48. 33. 88. j n iw , 8060-080 -170.aSlll.lO5 ^ 3eg ,' ^ u J* tonnes. Queemlaad: GranSj Smith DJ50: New ShricksUverflHbKu 81»-I46 +6 8110-116 2?£ *S«L n« M wfJKf , W
LEAD— MarglMlIy anrier in rntiet trad- 7 • wwHUilua Phraicaldoring prices i buyers: were: zSSnit G naar Smith 030-12.00, dUver Iriry otj. 8665p +0JB 267. Ip SoLSm J S?iJ? LO S'eS :i '.£5.’ 1MO ‘ a5 ' D “ i
&W- Forward meml rasa- to £344 on the ■ , S««t.np fM J); Aug. UJp {90.0): Sept DaSStoty lO^So: S. AftlcamGcldon ^ mantthC.^ ^ 272. Ip +0.4 262.4n Sales: 6.550 lots.
pro^n aiket ri ri nence d by the g ead tof W of S^L A55-. a i£L to < £. 6IP (50 ’®’ ’ l^M- Graimy Smith ir.00-ii50; Italian: BaCsri** £6,106 +47.5 £3^40 OMd-Abr 14C70 (14530), Aug. 1452ft
WBonST vai CnYARPAN MVAT *°“ e Be *«F t* 1 * *pp™*« Ml. OdUca i month* 26.14IJ+35 £6^640 _?««•. MAW. Oct 148.48. Deo,
«£ el2 ArStoss 22t00 048MV I ADJCAIT JnML DeBrious 1L00. Peara-Prench: Dr. Wolft»«&04lb.cU 8170- 1B2 8I7B-lrt 147.70. Feb. 143.10, April 150.80. Jane,
^ S? tEff'-oJTSB Vriure were improved by £L* on open- ^ ^lo^ *“ 0cL
me* ss &n«sc£rs m iesawss
: A T .*;• ~ GRAINS- STwfiPEE SStmtUal^a.. «506w U75 trtdad touvailaUe).
3Mh- 336-7 -.!« 335.5-6.6 -L* . . -Soantoh: Santa Ross approx. UMb 2.00- Groondnnt ^.^642 ^97 310 * - ® 1 (3071), Sept. 213-'
4 month*. 340.5 —1 340.5-1 . eUa _U)WH>X _FUTU , *ES (GAFTA>— The *”*”*•*“. AM: Italian: Per pound Burbanks 0.15- UaaeedOn»de(*)„.fe385 LL382 ?1?1 12104). Dec. 218H18L March 225'
ease throughout the day to-doee at £&• ^ftcaa. (348.00): unwashed
.on the late kerb. Turnover 4,400 Mwa Aratobw 31340 (same); other mild
A GRAINS' ^ WHSZCM, li£np l £T40. Coco^iUhtfua.. 850.
j 1 ' LDND01I FUTURES (GAPTA>— The gwwl** «*», SBW Cammodiries reported. I^'^Sfan^Per^mna o"l5 14nae®dOn»de(v) £381
■ . «««t opened 10 points lower end coo- The market, clnsal stromty on short ftlft RMes^SMlcta RUm t
tinned » ease with mild cmnmexetal and covering unchanged to rilghUy easier an jg- p T p ^Sw-toiuS:
h edge sriUng on wheat, AOJ reported, n* duy, Charentais 3-53, VeRow 2.43-230. Water-
rec0 ^f d , S jiWwday -+-<W| Bmriie** melmw-Cre^t Lame rs C30, small 330- Seeds
“S’ ?»?t« fcofcw cummerrial support of Close — ^XwJ«* 3.50; Italian: S's 3J0. Tematao-Jerrey: CopraPtiiHp S 35l
N CEMENTS COMPANY
—— ^ - ■ NOTICES
. * * * UKAIITS nJn*ra
™ gs lisrj^s
w •xi " J " tinned to ease with mild cosumereta) and cowring
a^gpuq ^ ^ rr l.rr >*d*e senmg «m wheat, aCU reported, the day,
Morning: Cash Z338A, 38. 363, tine November wheat recorded losses of U
mouths £343. 48.5. 48. 403. 4L Kart: pouts befon commercial support of
^Sh n&, three menu* 041. Jftj, 41, fleferred options produced some recovery.
Afternoon :_Thre e_mon th» BOA l, The trend coothmed to the aftemoou with
C5, 1. 48^. 41. Kerb: Three -mentbs. £34i, wheats becoming particularly well bid. AaBuat
40J. 40. S8.Su flVflHUlfftl trnMflir asPmm mivari nnA ffOD Pr iTv M
^ 2^SS^. M sS* l &S£8s
ZTfc&fs's'fSS* SSTphffip 6355, 8447.5 SS ^^r M ‘“ LS0 - ° Ct 1 “ UB - W *
2^0: Guenwey: m Sc^mbeen S8SDr 23MJSB IAK » M ’
46.5, 40, 383. • _ aWtoughtredtag ww^xed and ge neraJiy 1 l&tjllof-U JJ6I7B-IABB PicfcJers "Hw. “o wT e ia CnS LBflV r .
Xiac— Rarely g—dy, i n a martaladp- l>w*mber.... IICBO-lfti-ftto HBA0-15J6 F rench: !-». 1.70.
tog Interest. Forward merer opened *“f n * «* ftariey praventlngjmy s| 8 ltg+ t/ f: hnmrr. UB.Oj-IB^I+OJB ii 7JO-16JM Co uigs t ias — Preach: udb 2.0ft. Capstcums — £77
ironnd £332 and traded ouieUy between. C Mt^re cqwy. The mare t dosed steady ,, usju-iOoh^o liBAQ ~-Cm3az Ter pound 023. Potatoes— ^HoujeFatoros — £72.8
£331.5 and 1336-5 before finishing at the . atvand 16-m points lower. jl5n«!._ .. uilkilm «_n 70 — Cyprus: spring, crop 2-20. Beetroee— Maira
last price on tbe late kerb. Turnover L i <» hlw ,wWii — Cypn* New. pa bag 1.8ft. Avecado*— Frec^iNo. 3 Ajd £8bm
X275 tonnes. WHEAT BARIXV S. African: 3J8-2JS8. Pipewta*— S. _d-A- £6175
• wol — HFflH — F" r — FWof- ITurteitlw’d + or Xeaterdysl + or SalOftr ISO (195) Ms of 1M tonne*. African: S/JS’s 4J8-C6S. -
' XING Oflrial — ntTimSw 1 — dU»e — UDIDOn SO YABEAN OIL— The marta Enp^sli produce: AppW— P er pound E80.6&
. I ■ I 1 I — was Arm in the nearer months with Brantley’s Seedling 0.1AO.IS. Peteiup . NoJi Hard winter j
Ouloao— Spanish.- SJOSJ9; Israeli: SJO- Uneeed Cenjfo, LbS168i
3.66; Maltese: 3JM.B0: Italian: 22-lb
bl7B-1rt 147.70, Feb. 149.16, April 150.80. June.
£324.5 1S2-W.. Aug. 153.50, OcL 15530. Salast-
£333.0 3.701 lots.
ttord— Chicago loose 18.7S (unavaU--
ahlet. New York prime steam XL25'
brvr traded ( unavailable).
8575
£697
£382
t
ttMabe— July 3UA-ZU (2071), Sept 21S- -
212) 121(H), Dec. 218+2181, March 226- ■
2254. May 3304. July 234.
NT BOULESTIN
Ptoo St, W.CA
looby It - plnssd m
ftouieztia -will . rvmarn ’
.August this ynr tor,
its suny patraM- and
n weieons alt who
: of cuisifts and da-
dee fa au sisgant
lospbsrs.
CHART UR C ONSQUOATED
- OVXRSEAS H.V. _
incorporated In Netherlands AntmeS) .
. _ Matice to gotoers ot Vreocd *»«5* ,
7 par cent Guaranteed Bonds das IB 87
BondhoJdere are notieed that coofre of I
ttSJIvar — July 458.70 (452.40), Aug. <39.48 -
(463^20), SepL 451 gO. Dae. 469.80. Jan. ■
472.50, March 477.80. May 483J2D, July .
4S8.B0. SepL 4SHM. Sales: 15JM0 tors..
Handy and Harmon bullion spot 454.00 :
1450.96).
Oflofal I —
— otooe
‘ Wham - >r ~f
ZSi
>d or Say abee«»— July 847 hid (BIT). Aug. 842
w- 26 bid (612), SepL 618-615. Nov. S0ft597, Jan.-
'1 605. March 618. Mav 018. Jnhr itza.
805, March 618, May 618, July 623.
ftSoyahtun Meal-Jnly 100.00 U57JM),
the accounts of Charter consolidated O— «•- 1 <% .. v
sees N.V. tor the vw ended 3h«t March. I
1977 may ba obtained eAtoout chorus I ) now
from the office* of , ,
Charter consolidared LJmfted,
40, Hoi bom VlidUCL
London £C1 F )AJ.
381.5-2.5 +A 551.5-2 _ rs '«ot 83.00 _O.U 76.70 (—0.40 to 008 gt the close, reported Grosvenar —Per 12. outdoor 0A8. Cos 8Jft Spring ■Ruglieh Milting (A)
ntT »>.. 5JLM — U£l . .is Jaa 85.75 — QJB .7885 pO.56 Connnoditto. The New Year Positions Greens— Per. net BAD, Prfmo 0.7ft Can] I-
dement xaaji +.B ; , * Mar 88.00 — (X25 81.00 po.20 were ^ slightly easier with reports of cod- flow era Pu 12, Lincoln Uft-LBO. Mush- °o«)fc Shipment —
rmff»u ■ .. «34 un 90.50 —0.15 43 fls p).20 anae d 0°? ^ 87pvriag conditions to toe rooms— Per pomd 0.4tWJ.5fl. Rhubarb—
rnn.era*(_ . r*** -i-S?— . wvlou _ u.s. sonheaa belL Close: July 310-30D Per pound natural e.05. Cncwnbare-^er OoBaeFuturea
Morning; CasB ffiU fata 'Jtriy £322, Business done— Wheat: SepL RLBMOJe, nominal, Aug. 305-800, Sept. 385-300. OcL buz 10 to 20 L4fl-L70. Tematnea— Per 8«P*«mb*r_
20 October trading up to £310 before easing Per sftlb WhUes/Redir IftOiOO. Lettuce - A ?g , Ji" n gto-«H
W to £308 at the dose, reported Grosrenor —Per 12. outdoor OAO. Coa 838. Sprfag RugUah Muting c*1
ons 835 7061
■registered Office:
Fullest raat 5,
WUIurvsted.
CitrKflOf ■
NetheH*nds Antilles.
20- July. ■V977.
5.15 1156.78), SepL 186.7b bid..-
j I OCLJO.OO, Dae. 182.00. Jan. 1B8J0-1B3.58,
March 167.50. May 168.08, July 17DJ8.
17LB0.
three months £331, SUL . KeriK. Three Nor. 83SD-82.fl, Jan. . 55.7S-8&58, March soe-307, Nov. 887-295, Dec. S87-2BD. Jan. pound Bnriisb X40-XS8. Str aw benle s — Uoctoa index
mouths 1332. Alternoon: Three mdUths 8S-U)-87.7ft • May *084041 Sata: 117. 285382. Feb. 387-282, March '387-280. per pound BSD-DS5. M ai ra w s - E ach (LIS. cent — 87.5 70.03*
£331. L5, L Kerb: Ttvee months £331. B*iev: Sept. TUMLSp, N«re. Ift®-T5.S0, saler. 8 lota. Goesebon-iev— LeveHers 0S0-D.30. Cherries J ate UAHOfdVxn 1 I
385. 30. . . Jan. 7885-7X30. March 8L0ft8OSft. May —Per 12-Ib -ftOftftBft Broad Beanr-Prr Kobber So^T ” 5l u +D.B 46.5
* Cento per POtmd.' ton - : preriOns 33j&83^5- . Safas: 204. _ . .. SUGAR pound B.B8. Peas— Per pound 0.05-0.06. Steal RAJL.^ adoo, £600
tuwffidal.ctose. tSM per picuL !J S.F 0 S TEI> i ” EOT r ) „T~ «wUAIl Casstoims— Per pound D.20-0^5. Beat- riagariirew v + i.o £115
errVTTTf CWHS Wo - i'-Wt K* LONDON DAILY PRICK (raw sugar) roete-Per 2S-&> 3M. Carreta-Per bunch WSiltopa BreMfo-' s>*< v
MJLYJtK .- AM- WMWA, Befr. Oct-. Nov.se. 63 aKM IBM.W) a tonne df lor Jifly^Aug. ftlb. bags 224b uo-Uft Ontens- Per 1 — —
_ _ . . .• .j. .S 1 **®* .■y i r..V glf n?P l ehipmenL White sugar dally price was SMb 3.6ft Calory — iFa 2.404JU. 'Nominal. tSeDer. * unquoted. |Dn-
SQver was fixed IL2p an ounce higher Spring No. 2. 18 per cenL , Sejrt., OcL, oxet t at nw (£U8). official close, a Indicattya price, a Seller's
,358 i-1D7.D£8J»0 Soyabean Dll-Jitiy 23.7B (22J2), Ansi
1,947 -IBB A £2.688 g-W-lM 5 (0,85), SepL 23.65, Oct 31-65-
32-00. Dee. 2IA0-2L25. Jan. 21 J5. March
.286.6 -227.Q E2.6B1A *1-45. May 2UAS1X3. July 2L50-JL35.
1 7 0.05*
ToiSWs
NOTICES
, 372 of 1977
■ ' 10ORT OF JUSTICE
•' Cfflnpwilea Court. In
- VANBU. BUILDERS
- ' ^the Matter of The
1EBT GIVEN that a
. • mng up of the above-
- 7 the mga Court of
e ua day of July
. the said Court by
. /T OF HEALTH AND
, of Snue House. High
.rU.C J, and that (he
ireaed to be beard
' doing « the Royal
. strand, London wm
fay of October l®»7.
’ cootribaiary of the
ras to support or
■ of an Order on the
appear at the tine
■ a or by hiB -counsel
and a copy of tile
, Dated by the noder-
.■ Hot or coniribotory
. reqtrirtng sudpcopy
- regulated r* or s a for
EXPORT
+ 1.0 1X215
|285p
Sosar— No. U; Spot 7X5 (7.45). tad. '■
7.45-7J0 (7.40). Oct. 7.J2 (7.73), Jan. 8.1ft- <
8J8, March BS8, May 8.5&-B.64, July 8.7ft -
Sew. SJSftSft OcL 8 M. Sales: *^U8 : ‘
lots. ’■
Tla— 483JMM80.D6 asked (47&.0ft48U»
asked).
3 assss* rs wool futures r^neft^DnudaStobma raSSsxd'u^
“Wbaai— July 831* (2270, Sept 238
Energetic US. laport /export com-
piny teria manufacturer* ta repraunt
in US.r the Cuibbvsn and Latin
America. CBmmtretou basis. Consumer
product!. Reply) • ARMSTRONG
ENTERPRISES, P.O.' Root 450031
Miami. Florida 33145. Tel: (305),
856-5039.
dftftA-AWlcativft price. oSeUert (2311), Dec! 2451-246*, March mite
quotation. hvJC. and Conunnawealtii ss7*, July 281.
WINNIPEG. July M. tTRyo— July Bftflft .
bM (B6.7D asked). On. 8»J8 188.00), Nov. -■
l»w wwr, up WG fflrte-tMna.vu.jL. sj. area ff 1 ";.”" tremely «jri« • ftmdltiwa. Latto 1 . henr- *^5™. •*“* * P«wL d Bangladesh white “C." »VL SOM IBS.OC), Nor.
■ -4 ^ * h ssssr y,m *?■
(Pencs par Ufa)
Matte: U ^/French Aog. £86J0 franiMp- Jf*** 1 .^^ir opening levels. Australian [Y est ardsy
1 SLLV8E Hullloa
per fixTnp
- troy or- pricing
CLASSIFIED
ADVERTISEMENT:
RATES
Spot — 860.0p
6 months- 278-lp
d months.. 279.5p
12 months. 294.7p
, _ l ■ ment Bast Coa*. Sown African White c - Csanftaw roarted.
+ « WWfc -h w nnanoted. South African Yellow Sept {fo^l — *
-- do« — £82.71 Glasgow. ■ P*. Terteritej*. Prev™™ ,
L. Barievs BBC Feed/Cuudfau July, Aug. Uomm Ooa Closo I Dorn Wtrr- ‘
— SepL STTM Kart Coast Cmm. 1 R®* 0 * 1 * —
_ , - J. — ftseglrem: OJ^/ArgenOae un quoted. ,1 •
S'? If « °“ c Scandinavian feed mounted. « S wob — "
Wlg l» riTBCOva ...|18ft<Hftfl l| 1 0ft2ft44JB |1O4.75^gJ5 July’ **
— — «vy pins Aug,, .sept, and Ott._prenuumj, 1Wl ii|«. u 4 ,km.uii.i na 7™.ii sr n
Qweyffo
Bustnare
Dw»
Dec. QAug^ftepL « Nov.-Dee. to July- asked. T . ■
AftS- BAq£' vsept I Nov. z Per ton. cOatv-Jnly 73.0a asked (72J0 asked),
OCL 87.00 asked (88J6 asked), Dec. 67 JO.
8 — ■ - ( asked. May 70.00 asked.
Prerioos Business
Cion Dam
0.4 RTfllSpjrt.* EHC Levies and pranimniS effective
for Thursday, July 21 (tn Prigs current
- J — — * ImW nlrra irw Kan, «nrf rtn, nimlimil
SJLTl.O -fli
AJM7.0 ~l£
IA4LS +4.G
O.0-4SJ +4.5
6J47.6 +2L5
1647.0
&&61J) +3A
2 Petitioners
u who intends to
- ; ot die said Petition
end W post to, the
to writing, of his
he notice must state
s of the penoo, or,
. and address of the
'fined by the person
elr solicitor (If any)
-. or, U posted, must
sufficient time to
ted not later than
per cohumt
Kse cm.
. . £ £ ‘
Indust rial aua bibImb
P remises 3.75 1X50
. Bustoesseft - for Sale/
Wanted -: 5.73 . unL
Reridemlal Properly . L25 7.00-
Appototmenu . . - ■ JJ4 1L50
'Business •* inroscmtnt
Opportunities, Oorsore-
tioa Loads, Prod u ction .. .. ,
Capacity . . 4.88 15.0G
Ednonttou, Motors. Coo- .
tracts and Tenders,
Personal. Gardening -M-J® .
Hotels and Travel ; 2-75 u.n
Book Publishers _ dd*
Premium positions avanahfa .
(Mfalm mu sire 4ft- criump cm*.)
n on po- single eoiama on. ftfitra ,
T^mnwrer 83 C27f> Ipto of 10.0M With previous to brartKs). ii unit, of IfaSriT uS!?lj ISfSre llfiEIlS °£gl!gLJgiMI± H - - ~ -
am. Mandng; Cash 886A three . month* JSS* iSS' May. .* 1 h! 25-.4.86 l25.K-iB.78 K6.7b-. 4J0 Sales: 6 (4) lots of 1,500 kfloa.
273-4, 3J. SA IS. K^J: TBree mrotte S. AurL UJWJ*.M128J5-«U)0 149J6-28.D6 SYDNEY CREASY (la order, buyer,
monffs 27^2. ift . - . Mrire Sal8r ' ,,U8 <lvL12) 1«* of » tonnes. 334^, J85J), 3348, 334.8, 31; Doc 337^
COCOA : sredhrg)— «UL nUft^lSnaft. niSfTmS T « ,a «I | Wo ac-rtflnenr prtcsfw »75. tttX M « ““****' g-j}-
■:V. . ■ ■ . ■ ^ - „ -fffcjfl, hQs (SSOM, aflft): Grain Sesfam firannUted basis white sugar was 0404 341-0- * W 343 S, m 50.8,
- Liquidation pressure m (be ,w aflg (game. bh*). Ptwm babrat <»■“*> * touna for home ends and M-J » lj™ , _** e ** a ^- D -
momte led to. heavy jefflng wlth tic . w pnrea*-l«S (lffiS): K- OM (088) for- apart. ' Ij.?®- *•' J5";
FINAflCIAi. TIMES
"July |^nly Ia]MMith ngo| lew ago
ggl.95lz50.g6 RS0.7g 1 550.41
fflJUK Jufa L 1P52— IBS)
REUTER'S
Jmy iti’inliy jBiMoath acri ISt ago
SBariesr— July 88.50 (8ft50 bid), OcL s
au» asked (88.70 ashed), Dec. S).W'
asked. May 82-00 asked.
dFIncseefl— July 241 JO bid (235.70 bid), -
Oct, 248-00 Ud (240.78 Ud), Nov. 24BJ8 ,
Dec, 244.00 bid. May 251.00 bid.
1553.91 1681.91 15B5.6 I 1511.1
18. !881=U0)
DO# JONES
ialy | July I MOTI
19 - IS ago
spot’ position losing COO against' the 220.8ft (Iff W)
, “jf 1 " « 1 s^asiisws&s
XSft U-50
X7S 10.8ft
8^
J j gfgg g' ^ »■ MEAT/VEGETABLES
_2=- — -2=- b &sws^sre£iaot s Msira's was
PALM on.
Vft 9 O'ati't ,
Idly .. 5135^-10.0 -04. M 5350.0-8106
MtKember .. 2946. 0-48-6 -108.0 5034.0-2840
ifanmbar .. 2712.0-14H -62Jal7»>27M
\I»re h^ 2659.0-70.0 -55.W 2B3SJJ-25M
Increase to remain unchanged. . . bindfluineri (inctodtog some Heavy) LONDON PALM OIL— CJorimp Ana.
w 64.0. 288.00-288.80. OcL 28CJM87.DC, Det
T T7T1? Veal: Dutch hinds ami end ft 85.0 to 2S1.W-M9.80, Feb. 27U6-287.M. April
Jvill 88.0. . June and Aug. all Zn.8ft-38f.oo.
* DUNDE8— Qefafci Prices c and f DJL Lnnt>: Entftah small 48.0 n 52.8, * i
(Average 1B24-&»=W>
MOODY'S
Whrat— SCWRS 13ft per cenL prowto
content df SL Lawrence 2Sli (828i). Z
All cents per pound ex- warehouse min—
otherwise staled. ’Cents per 60-lb bushel
ex- warehouse, ors per troy bmee— 100,---
ounce tou. t Chicago loose t'a per 108 u«
—Dept, of Afi. prices previous day*
Prime steam fJ).b. NY bulk tank cars;-,
tt Cents per troy ounce ex-mrMmnsa,
b New ** B ” contract to S's a short too':
for bulk lots of 180 short tons delivered
t.o.h. cars Chicago, Toledo. St. Lotos and
Alton, fj's per troy ounce for so-«tocft
units of 88.8 per cent, purity delivered NY. -
••Cenu per 89-lb bushel In store. ITCenU ,
per 58-lb bushel ex- warehouse, 3,00a
bushel tots, c Cents oer 34-lb bushel.'-
S Cenu per 4ft-Ib bushel ex-warehouse* - -
5,080 bushel kus. d Cents per 58-lb bushel'
ex- warehouse, lftOfttoubd lots.
For further details write to:
Classified Advertisement,
Manager
Financial Tunes
J*«— JSniS'DftfcJtl iSft 44 * 8 f#r Att *- 0et •hhmon: bwb as. BVfC nwd>g f 0 , 4 ^ g 4M to c.8,
iniy ■ £M4, bwd «» , nun: btb £ 333 : btc maw: nz pl 4LB to 42J,
top., — P5TT.d-6i.a hU B42, BTD .«*■« goods Ikwr, *** *■* 10 PH 3&ft to 38ft, YLa
Sole Ooimnty^l.9|89Q.0iB7*.g
t December II IS1=1®>
Sales: 4.147 (3,3*8) • - • ‘ Quotatloaa c and r ILK.
- International Caen A gie r— * (Oft. 19-ottoCe 4Mnch ISJft,
cents per pound. Dsfijr nice Jtoy-U 1U yards; Aug. £U3
288.77 (Xl<ft3). Indicator price* July 28 28J* and £8.72- *• £
- Quotations c and I ILK. for Jidy shipment: 40 -° 10 4UL
COTTON. Liverpool— Spot and shipment
sales amounted to U tonnes bringtog the
total for the week so far to 33 1 onnes.
1 December 11 imisiffliJ GRIMSBY fish— S upply 9 red, demand''
— 1 md. (Prices at stop's Side unprocessed'
* per stone): Shelf end E4.Qft-EE.B0, codUnBs'
* ■ . £=.80-13.60: large haddock ilSflUfl
HIDES— Legds. Most hides unsold but medium £3.20- £3.80, small £2.1B>£2.80; ’
rST J2SSJS& ^ M08^Sltodrewn«P. »ato' do^fflto.oo. ^targft..£7.M; iSUrS.
aftSaomof me 10, Cannon Street, EC4P 4BY. IJifttey a Tenge Utttt (UMB, mis udnsjj foe fte ttspttatn stop- MW amMissiOH^Arengefoutock Mtow faagrwt wa s show n to- rentoa Latin withdrawn sZipTijm cmra withdrawn ss.8ft-n.00; rirtftai JUB^Trete
^ enaoa w *- . • • : - I I irsragft 193.48 Oflfta). mant periods. Yon soft dam venr etoet- prices it represeatsttre marks ts on Amarireu and Afttcan types. . «p. Calf mters ktai wiffidrawn 149p. saldw rL2fc£LB0. ’ .
The Financial Times Thursday jtily 21 iStL , ^
Fresh setback on gloomy statement from
Share index down 7.2 at 439.1— Gilts steadier
FINANCIAL TIMES STOCK INDICES
y .a £'■■■
*<*»
-
**
- Account Dealing Dates
, . Option
i \*First De cJara- Last Account
s tealings tions Dealings Day
iulyll July 21 July 22 Aug. 2
i. - uly 25 Aug. 4 Aug. 5 Aug. 16
■.kug. S Aug. IS Aug. IS Aug. 31
i • * " New time " dealings may take place
f 'em I JO a.nt. two business days earlier.
j . Equities sustained a further set.
i ack yesterday when renewed
elling was activated by the un-
i! ipected and rather gloomy view
i f the Courtauld’s chairman about
I .* urrent trading prospects, wnich
!> te delivered at the latter's annual
i neeting. Courtaulds, in particu-
,! ar, were hard hit and closed at
■* he day's lowest with a fall of 10
,t ;t H6p. while overall market
. pntiment was also disturbed by
‘ he surprise dividend omission
:: md awful preliminary figures
. xom Fairey, which dipped to 45p
I I lefore recovering a shade to 4Sp
; : or a net loss of 18.
i* Leading equities opened easier
■■ md reacted further before a
jr .mall technical rally developed
.Which erased most losses by the
ate morning. The recovery move-
I ; nent, however, evaporated and
i wices fell away quite sharply
I; hereaVr on the statements from
i 2ourtaulds and Fairey. Selling
I hen became more persistent and
' he F.T. 30-share index, which
> tad recorded only a modest loss
if 0.5 at noon, retreated quickly
: o close at the day's lowest with a
> 'all of 7.2 at 439.1 and a loss of
1 14.6 over the last three trading
■ lay.
1 Secondary issues again followed
; n the wake of leaders and losses
{"re fairly extensive in most sec-
'.ors. Falls were in a majority over
-ises by about three-to-one again.
; In. FT-quoted Indu^ials, while
; the FT-Actuaries All-Share index
" cpvp up 1.1 per cent, more to
. 185.88. Property shares were un-
; settled aaain by fears of an upturn
«onn in interest rates and this was
reflected in an above-avernee
'decline of 2.8 per cent, to ISO fiO
1 in the FT-Actuaries index for ihp
], section. Official markings of 5.738
. compared with 5.875 on Tuesday
and 4,035 a week ago.
! Gilts still sensitive
The anxieties aroused by the
, determination of some unions to
; press for pay rises well in excess
of the Government's recent guide-
lines and the effect of these settle-
ments. if granted, on the rate of
inflation were still prevalent in
. opening Gilt-edged dealings.
Quotations throughout the list
were soon 1 lower, and a little
more in the case of selected
high-coupon longs, when bear-
covering quickly caused a change
of direction. The eventual trans-
formation of these losses into
gains of a similar amount was a
measure of the market's current
extreme sensitivity for business
overall was only of a light stand-
ard. Minimum Lending Rate fears
were less of an influence, although
the rate is expected to change
sooner rather than later, but the
bulb of the day's trade was spread
among the shorter issues. To-
wards the dose, se 'j^ rs began
operating again at the ■ higher
levels and most gajns were pared
leaving marginal improvements
ranging to i only. Corporations
were not able to join in the re-
covery and closed 4 lower in
places, but Southern Rhodesian
bonds halved early falls and
settled only a point down on
balance. ' ' _• ■
A rather slow day in 1 the in-
vestment currency market dosed
with the premium marginally
easier at 112| per cent., after hav-
ing moved betwen the narrow
band of 1123 and 1A3J per cent.
Yesterday’s SE conversion factor
was 0.7102 10.7110).
Banks lower
Buyers showed little interest
again in the big four clearing
Banks and prices continued easier.
Lloyds, wbich with Midland- be-
gin the interim dividend season
tomorrow, lost 5 to 215p as did the
latter, to 290p. NatWcst (which re-
ports on Tuesday) also gave up
5 at 223 p and Barclays ended 6
down at 272p. Elsewhere, the bull-
ish interim statement failed to
stimulate Union Discount, which
remained at the overnight level of
34Sp.
With the exception of Harabro
Life, which hardened 2 to 220p,
Insurances sustained further small
losses. Royals gave up 4 to 322p
and Son Alliance 3 to 435p.
Breweries were clouded by fears
about the outcome of the Price
Commission’s investigation into
beer prices. Whitbread A lost 1
more to 761. still on consideration
of the chairman's recent state-
ment, while Allied, 70p, and Bass
Charrjnglon, H4p, both dosed 2
cheaper. A. Go inn ess were also
dull at 124p, down 4. Elsewhere,
Distillers reacted 4 to 150p and
A. Bell declined 6 to 250p.
Buildings attracted a little more
interest than recently but prices
continued easier. Richard. Co stain
came on offer at 20Sp. down 6,
while further consideration of
Tuesday’s disappointing results
prompted a fresh decline of 5 to
140p in Magnet and Southerns.
International Timber shed 5 Ifl
lOOp and Reed and Mallik were 3
lower at 33p. Tarmac, however,
resisted tbe trend and edged for-
ward 3 to 179p.
Modest losses were common-
place among Chemicals. ICt drifted
down 2 more to 384p. after SS3p.
and Fisons relinquished 3 to 333 p.
ReyroIIe down again
Further analysis of the plight
of the heavy eiectrical industry
since the recent award of the
Drax B power plant contract to
ReyroIIe Parsons, took the latter
down 6 more to 168p for a two-
day loss of 14; it also lopped 7
from GEC at i95p- . Elsewhere in
dull Electricals, Racal was' sub-
jected to renewed profit-taking
and fell 13 to 434p, while Decca
A declined- 7 to 3l0p. BICC. which
is expected to benefit from the
Drax B project, only shed a
penny to 115p. Thorn A eased 2
to 312p, while falls of 3 were
seen In - Muirhead, 16Sp, and
United Scientific. 170p. . The
general market trend tended to
obscure Tuesday's record profits
and proposed one-for-three scrip
issue .from Ward and Golds tone,
which eased a penny to 106p. The
good rise In first-half profits,
however, prompted a gain -of 2 to
52p, after 53p. in RotaS ex-
Easier .conditions prevailed in
Stores. . W. H. Smith A shed 10
fall of 5 to 87p in Peter Brother-
hood, while similar losses were
recorded in Birmingham- Mint,
60 p, and Dpvy International, 228p;
the preliminary figures of the last-
named are due nest Tuesday, 1 Cur-
rently the subject of an- -agreed
offer from Hawker Siddeley worth
S4Qp per share, I* Gardner im-
proved 5 to 380p on news, that
Rolls-Royce Motor has been, add-
ing to its 17 per cent : stake in
Gardner by purchasing shares In
the market S. W. Wood edged
forward a penny to 34p despite
news of tbe annual loss: .Among
Shipbuilders, Vosper rose 5 to
USp.
British Sugar were ta the fore
in Foods and dosed 30 -cheaper
at 470p, after 495p, despite the
INVESTMENT TRUSTS
— t^“F.Hctuari&s Index “
•NOV DEC JAN FEB MAR APR MAY JUN J0L
to 540p in a thin market UDS
and House of Fraser both closed
2 cheaper at 62p and 114p
respectively, while Gussies A
receded a similar amount to 220p
in front of to-day's preliminary
results; market estimates are for
annual profits In the region of
113m. Mail Orders were weak
with Freemans 4 off at 218p and
Empire and Grattans both 3 lower
at' 141 p .and -112p respectively..
Rattier*. on the other hand,
gained 4 to lOlp on support in a
thin market and H. Samuel A
improved 5 to 172p.
The recent nervousness about
Fairey proved not unfounded yes-
terday when sharply lower profits,
together with the ' shock passing
of the final dividend, was an-
nounced and, despite the fall of
14 over the past four trading days,
the price tumbled to a 1977 low
of 45p before closing a net 18
lower at 48p. Elsewhere in En-
gineerings, the leaders continued
to sag. with Tubes down 8 more
at 39 6p. GKN 5 lower at 321 p. and
John Brown 4 easier at 206p.
Vickers, however, displayed resi-
lience and closed a penny better
at 185p. Comment on the second-
half downturn prompted a further
proposed dividend-boosting rights
issue. . Associated Dairies .were
lowered 7 to 283p, while losses
of 3 were seen in Tate' and Lyle,
19op. and Bejam, 114p. Against
the * trend, Ptork Farms revived
with a fresh speculative rise of 4
to 2o8p. Supermarkets- drifted
easier In idle trading. Tesco eased
11 to 38{p, while Hillards,. 163p.
and William Low, 88p. gave up
2 and 4 respectively. Hotels and
Caterers presented a 'few dull
spots in Grand Metropolitanwhicb
finished 1$ cheaper at 73 p despite
favourable Press comment on the
company's distilling Interests,
Trust Houses Forte reflected con-
cern about its current labour
problems, reacting 5 to 147p.
L. Upton rally
Miscellaneous Industrial- issues
gave ground over a broad front
The leaders closed at the worst,
although falls rarely exceeded 5
as in Glaxo. 543 p. Beech am, 485p,
and Boots. 177p. Bowater declined
4 to 176p. while Reckitt and
Oilman lost 7 to 460p. Turner and
Newall held up faftiy well, only
easing the turd at 187p. Rank
Organisation, helped by .the
recent rise in first-half profits.
also closed only a penny off -at
l99p. -Among the small scattering
of firmer spots in. secondary
issues, L. Lfpton stood out with a
fresh rally of 54 to 934P on news
that talks are still taking , place
with Lex Service; the latter shed
2 more to 5Sp, Press comment
aided a rise of 2 to flop in Eg&
while North Sea interests, lifted
National Carbonising a like
amount to 62p, News of expected
Boardroom changes in Provincial
Laundries following ’ the acquisi-
tion by UBI Service Industry of
Switzerland of a 28.65 per cent,
stake in the company lifted the
latter by a penny to 8p for a two-
day rise of 4£p. LRC International
held at 68p. following the rise in
preliminary profits, while J.
Billam hardened a penny to 32p in
response to . the chairman's
encouraging statement • at the
annual meeting. Hay’s Wharf
lost 9 to 109p, while Redfearn
National Glass continued . to
reflect the .absence of a bid by
declining 6 more to ISOp. ' J.‘ W.
Sp-ar fell 7 to 193p.
Motors and Distributors mir-
rored the general market con-
ditions. British Ley land were .3
off at 20p despite the likely go-
ahead for the company , to draw
£150m. for Its development pro-
gramme. Substantially higher
earnings failed to stimulate Heron
Motor, which closed 2} easier at
fi2p, Clayton Dewandiw fell 6 to.
98p. and losses of 24 were seen
in H. Perry, 97Jp. and HenJys. 98p.
Flight Re fuelling, however, edged
up 2 to 78p‘ for a two-day specula-
tive gain of 8. .
Tuesday’s . dull trend • was
repeated in Newspapers with
North Sea oil. participants again
the major casualties. Thomson
lost 10 to 595p and Daffy Mail A
5 to 2o7p and Associated 4 to 161p.
Elsewhere,. United lost 4 to 262p.
Oils dull
Apart from British Petroleum,
which opened higher at 918p
following overnight business from
the U23. and subsequently closed
a net 2 up at SlBp. Oils in general
were • easier. BP. partiy-pald
reacted 4 to 363p. while Shell
lost a Mke amount at 554p. Sie-
bens (UK), at 184p, gave up 6 of
Tuesday's jump of 22 prompted
by hopes of an announcement
soon regarding the company’s
interest in tbe Brae field project.
Premier Consolidated showed dis-
appointment with the dry North
Sea well. losing 3 to I7p. Tri-
centrol eased late to close 4 lower
at 1S2p. after 18Sp, and fresh
profit-taking clipped 6 more off
Oil Exploration at 214p. LASMO
Ordinarv declined 4 to trap, while
the OPS units shed 3 to 32?p.
Properties continued to reflect
apprehensions about rising in-
terest rates. Ladd Securities lost
8 to I71p. while a similar fall was
sustained by B. Smiley at 148p.
A liberal sprinkling of smaH
falls in Investment Trusts was
accompanied by a modest Increase
in business. Atlantic Assets, a
firm market of .late, eased 2f to
65p, while Capital issues had
ML and G. Dual 3 easier at S9p
and Altifond 5 cheaper . at I37p. '
Among Overseas issues, US. Trust
Fond were lifted 20- to $70p.
Financials were noteworthy for
a fall of 3 to 47p in. Yule Catto
and a decline of 5 to, 165p is
S. Peareon. " ' 'r
- Shippings fluctuated narrowly
and dosed with - little variation. .
Conrtaulds were outstandingly
weak, losing 10% to I16p in lively
trading following the chairman's
bearish view of trading prospects
this year. Other- issues were
widely lower and losses of S were
sustained •by Sidi*w,T2p, and John
Bright, Sip. .
Golds easier
- The recoyery in the bullion
price, which closed $1 easier, at
$144,625 per ounce, after being
$144.10 at . the morning fixing,
coupled with continuing satisfac-
tion with’ tbe latest June quarterly
working, profits from General
Mining and Union Corporation,
helped . South African Golds to
steady after early falls.
Otnerament Sec*._i_ 66.6'
r'isid Interest—; 67.6
lodourtai Ordinary _ 439.
Gold 11QJ
Oid.-Dfr..EeW^Ll -5.41
BusIi^b ndSfuW ) 16 &
P/BBatkXtttt) rtf— 8-a
. Oniiogi narked - 5,7®
r - iq city t ur no ve r £m— —
fruity htgiiiw WWL J — '
!■ ' U
66.67 66.60 BOB
67.67 67.73 67A
57. 75 6238
4 8^34
5^76 6,32
67 At 68.311 68.33 68324 88.34
460.5 . 453. 7j 449 A 449^ 382.3
116.7 116,31' 116.8 llbl2 121 J)
6AO . . 3Jzj 5^4 5J3 5.77 .
16.96 ISifla 13.86 .15.64 16.79.
9.06 9.U[ 9.12 -9431 K87
fi.320 ' 4.668| 5467 4.956 : 4.611'
57.18 64.49 7&20 87.90 44.20
fruily turnover £m_ - '5S.60| 57.18| 64.49 78^0 87.901 44.20.
fruity hug*™ 1 84101 15.515] 14. 3 78 17^051 18.2151 10.578
' ? in J IH -44U. li UL-mt. Woop 445A 1 DJnJ 444JL . '■
. 1 pjn. WJt: 1 n-m. 4412.
Latest laser 81-246 102%,
•Based ob S3 per cent, corporation. tax
Basis IN Govt Secs, 15/10/38.- Fixed lot 1928. lOL Ord.1/7/35. CoU
SClnes '12/8/53. SE Acdilor Julr-Dac. 1845. . .. . * . .. .
HIGHS AND LOWS
Hlgb -.
Low
High
Lnr ‘
Jon. decs-
7L48
. liBja) -i
60.46 1
. Wl).
127.4
Wl#*>
43JL8
iii fi.iii-
■Ixed bL-
TLIS
118/M
60,48
l*/U
180.4
00,53’
-rlfltt
•nL Ovd.._
477.4
(180)
359^
02th
-43.6
1 13/0/7.-)
40.4 .
leMJffO)
'Joidyilnw.
137.4
■7«i
1 "95.1
ill®
442 J5
45.6
pBitOffl
S.E. ACTIVITY
152.0 171.6
805J 202.2
00.53' 5pocav«x{T0_J 43.1 47A
£ouIb 130.6 133.7
HfeyAvng
Q-Ut-Kdxed-
indsMeWa.
dpecnlatfve.
Pnfal b_.
AdlVE STOCKS
-No, .
Denoinina- . of ’■ dosing Change
. .tion - marks- price (p) on day
Initially share prices fell away - «_ iA
on Cape and Continental selling BATC Defd. 2op . 10
prompted by the overnight trans- Coimaulds 25p 10
atlantic weakness of the metal 5 "
price, but the subsequent rally Barclays Bank ... £1 8
in the latter encouraged a turn Cavenbam Z5P ■; 8
around in sentiment to the extent GEC-.-.... 25p .8 ■
that prices closed only marginally Maris & Spencer 2op- - 8 —
easier on balance and- in seine Royal -.Insurance - 25p 8
cases registered small rains. Shell Transport ... 25j>. -- 8
Randfontein responded to Cape. Dunlop - 50p 7
Continental and local Interest Gus ‘A1 25p 7
with a further 1 rise- to a year's Lonrho 25p - 7
high of £23, despite the slightly Rank Org. 25p 7
lower .Tune working snrpfus. while Trust Houses Forte 25p ■ 7
Libannn put on &te a 1977 high
of 319p followtag tiie excellent — — ; ;
June quarterly.
However, scattered losses of mw«i uirilC AMT
around 4 were seen in Kinross, ' IBILwI VHuns
«>P- M 6 ”- SO"* 11 - Th. - » .
V*a4 302p. ... SlMtr* ' Information Sendee veCTrrdav
Fmandals .were mixed. Among atujnen. new Highs md Lows for 1977.
'the London-registered issues Gold ‘-nrw nrriTQ nil
Fields came In for some modest • r W HIGHS (3A) .
support and closed 2 better at commonwealths tu
l5Sp reflecting favourable Press ach^siipc 75-70
comment on the outlook for both - wrocii bonds n>
buUIon and Golds. On the other *** ^^I^ucans m
band continued concern over the crc • Toxaco
current Westlnghonse litigation Manh *SN A oiANS (in .
left R<o Tima-ZInc a pennv easier hu 0 k>» Bayou c«s
at 203p. Charter gave up 4 at Mawk * r SWtf -feu.DiNGs 111
I28p on profit-taking following the; Conor* v rr - . ■
company’s denial of suggestions • srrrith rw. hj a
of a b rise-met a I find in Ireland. Stmuei <hj a ,
In South African Financials * 6 * 1 **. '- EU
Union CorporaHnn featured with . r „™ GINEE ?/ r ^l?, ri,hr. ■
an 8 gain at 250n. while UC In-
of 2 OSp In svmpatby.. In . H «wi«v-Goodari vincm Crauo .
Australians Oatrbridee rose to a imi. w a: er» o rti gi«m
new high of 125n before easing Pro,l,,<:1 -' 1 L- * lirvJ r J t aT D ||^)‘ . ’
balance at 12Sn. . nw ons .. »•
Elsewhere. Tharsi* Snlnbnr and - trusts ti> •
Copper jumned 40 to S20n follow- - mines w / -
Ine the nroparty revaluation .and ^C^ teln *******
nrnnosed three-for-ten scrip u ^ non ; . °‘r WB *
fcsue. • ; «•; /
.146.7 14a J
IQZJi 170,4
40.6 41.0
12LB 118.1
197T - 1977
high. - -low - * ■
412 - 325 --J
260 204
135 89
362 ' 277
285 228
120 63 . -
208 163 ;
124 96-
366 . 280 ^
582 454
114 78 -l
244 176 i-
82 62
216 128
157 " 112
.re 1 ~ f . J
NEW HIGHS AND LOWS FOR 1977
folltwlng iwcnHtlei .quoted » t h« NEW LOWS (8)
■ Information Sendee .vesjjnlav .
* new High* md Lows for 1977.- .ENGINEERING ■.<»
. %tttv.t »it Wrw Westland
Fairey Westland
Lynda la INDUSTRIALS 121
FrankHn Mint Reed InterneU.
• PROPERTY Cl >
Country A-.New Town - ■
SOUTH AFRICANS <1>
Graatermara’ A - .
MINES CIS
Messhta -
■ j * - ■
■gl^L:9
rt-
. 3‘ . -■
INDUSTRIALS «BJ
Staficx lntematt
Vlntan Grotto ,
Waterford Giaas
. .‘-a> ‘'i'
71 7 — ;
R&ES AND FALI& * 7
YESTERDAY faprfVj-:-
~j up Down So 4.-
British Funds M 0 ^ -
Carpus. Dam. and r- . ,
■ Fareign Bonds 7 J2 -•
Industrials m M T- ,
Financial and Crop. — 56- 125 3s-: i. .
Oils ‘ n
Plantation 0 4
MMw 23 35
Recant Issues 4 27
Tatals .....
3U HU? if
•L v"-
ENTERTAINMENT GUIDE
CC— These theatres .accept certain credit cards -by telephone or at the box office
RECENT ISSUES 8
EQUITIES
In«e IS,, sSrI
i<
High 1 bum
tm
FT— ACTUARIES SHARE INDICES if:
These indices are tte joint compilation of the Financial Times, the Institute of Actuaries f:
560 ;HP 1 UL.VMCipd. 1383
ity «)p ... ! 77
-C Tech.Ifida3.<|-i 89
IKZ IL.VSMO 172
83 !l.W| A „ 83
I Sr :159
EQUITY GROUjfe
GROUPS & SUB-SECTIONS
4nd the Faculty of Actuaries
Wed., July
; :*■
.?«;-• 1 t
Figures In. parentheses thaw number of 1
stocks per section
Toes. Mon.' FrL Thm*
July July July July
19 18 15 14
A DELPHI THEATRE. 01-836 7611. i
Ergs. 7.30, MJts. P>ur. 3 0. Saiv 4.0.
IRENE I
- 'LONDON'S BEiT NIGHT OUT i
SPECTACLE. CAPTIVATING TUNES l
• AND RAC V COMEOV- People. I
IRENE . . ;
■ SLICK. SUMPTUOUS — THE MUSICAL .
IRENE HAS EVERYTHING” D. Express
IRENE
INSTANT CCNfIPMED CREDIT CARD
. BOOKI NGS ON 01-836 7611.
ALBERT. 836 3S7B. CC Eran.ngro'.OO
Mils. Thur*. 3.00 ^ T 0 and S.30 I
KEORAH KERR ,
DENIS QUILLET 1
"TWO MASTERLY PERFORMANCES " J
Bernard Le-l-i. Suiiqiv Times I
CANDIDA
By B-rrard Shaw
•* IMPOSSIB'-E NOT TO SUCCUMB to
CANDIDA'S SPELL - Daily M*il.
..D'ricted tv Michael BlfAmire.
aLdWYCh! 836 6404. Irfo. 836 5332
FULLY AIR-rONDITIONED
-ROYAL SHAKESPEARE COMPANY
in recertciri Ton'g*il 7-3SJ
A MIDSUMMER NIGHT'S OPEAM
•■An orcaeion o* ""nuinp In*." Cbvner. 1
With- THe COMEDY CF ERRORS ■Tmr. ■
S’f. fn. 5 P->. (men's PILLARS OF THE
COMMUNITY .p*ny^. frrm 27 Jill*', i
RSC also at THE WAPEHOUSE SI 6 6B08 >
is*r under Wi and at the Piccadilly i
THe T* re in WILD OATS.
AMPAS r AOO tf S. 8?6 1171 E«en:nas E.
Rrfs S 30 and S.TO VIK. Tu«. 2. as
HrcadwWS Hiiarln*s M-J*..r>i whodunit
SOMETHING'S AFOOT !
'* infusli-b she *hea!-c wi;h unalloyed i
ict H'nii o-iare ml.-rliv oerfee! i
fa-eilv Shew ■■ S. E* " EnonneiH cai'fv (
I laved ev*ry da'f m nurt o; ,1 " D Mir i
■'CllOrleJul Cf ami-J-T canrt. 0'1‘i—ss."
f. T'”«!s ''fyuiwrapc- aheunds '- E. News
D "ner and Tcc-nrire S ^at £~ SO iec.
aWi'.LQ CC 01-437 7663. Evenims 80
Mat. Tnury ICO Sit. S.CO and 5.30
JOHN MILLS JILL BE-NnT
MeeGAPET CJU"VNAY
AN-'t CrOPFER ROSE HILL
RAYvr'NO HUNTLEY *nd '
I«E PHH POTTS I
,n TFOPNCE PATT1GAN-S
' - SE?*”.*. 7 ! TABLES (
pi— -- n h* MiruAEL BLAKEMOOE.
’■ TVFATRICAL MAGlt " Sun EiPr-SS. ;
CdMSPieCE? CC 01-936 MM I
Men.-Thur. E. F>* «« 5 as and B 30 ,
1PI TOMftl
■■PULSATING V'l'-pi ■■ «vg New*. [
2W1 GPFAT YEAR i
Vat t'c - 1 LI .SO te C4 50 [
B<enar Ten-pr-'e mJ!iS 7 4S Inel ;
CMlCHEjre- ' oral e6333
TlHJiv A lul* ?> 2 0
lU'ifig fafiaR
T-n.-M |<;lv 2f ?1 M TO
IN CTOER OF APTCAPANCE
TtaenTWE. 3S Gerd"n'"St 1
'•/ C 1 3'7 «?i o—l-i ?■» i -- j
-..V N-W TATS HCPO'PS. A B’*Y With
ln»rtl«« *1 r- Nn— «r'« ,
rn-'«V ■<*«.■»—! ,e, pnn j
MiH •• 7 «)•> 5 3- y-d C.23 1
.IT m*5 A~s*d« ;
p.». p-,« nt mi. Y»»r
HYWEL'- '■•«***4 GRAY'S
" Tm 0*V*nw»ISE BNCAtlFD
p.*e-'ed_bi Hire^d P>-trr _!
CC. " 0» -«**»' «16' !
CRITE , y /MR-rr-p;r>rTiO— *D
, ., a n «-»- >■ *" » '0 THur*. SO-
E«* "* IBSLIf Pw'tPS m
“* SCKTVT
^HILARIOUSLY funny " New» el World .
GREENWICH. C rooms Hill. S.E.10. 8 S 8 I
J 755 EwBS . 7. S0 s Bt Mat. 2 30. |
SINGLES, a new ccmedy bv John Bowen.
Franrp* De La Tour. Ray Brocks Gwen .
Watford. 1
HAYMARKET. 930 9832. Evrnr^qi 7.4S.
Mat. Wed. 2.30. Sat*. S.O and 8.1S.
Gddric WITHERS. John McCALLUM.
Chr.stopher GABLE Jenny QUAYLE
Bill FRASER
„ THE CIRCLE
Somerset Maugham's famous cam>dv
'■ Faultlessly -acted, worth going miles to
• h - r ver; Krctimer. Daily E«ir-s*
HER MAJESTYS. 01 -9*0 ~6606.
Monday. Fr'. Ergs. 8.0. Mrs. Wed. 3.0.
Saturday 4.30. 8 . IS.
YNI5 JC*4N .
KENNETH HELEN
GRIFFITH UN 05 AY
irt TERENCE RATIGAN'S
CAUSE CXLESRE
A orwerlul drama'' Evening New*.
■■ R4TTIGAN REVEALS HIS MASTERY.''
S. Tei. - GlynH Johns play* brillian;iy." |
0. Tel. ' Extremely moving." Times . <
K'NIJ-S ROAD THEATRE. 3S2 74BD I
Mon. to rit. 9.00. Frt.. Sat 7.30. 9.30.;
THE ROCKY HORROR SHOW
NOW IN IT S Sfh HOCKI NG YEAR !
LYRIC THEATRE CC 01-437 3686.]
8.00. Tnurs. 3.00. Sals. S.30 and B.30. ,
CELIA RALPH
JOHNSON RICHARDSON _
"GR.Ai PERFORM AN ; Sun Tel,
in WILLIAM DOUGLAS HOME'S
THE KINGFISHER
Directed h* LINDSAY ANDERSON
"A DE LIGH T." Daily Tele graph. I
MAYFAIR.' 01-629 iOSfi- 493” 2031.
Evgs. 8 15. Sat. 6 & B.40 om. Pam Gems'
□USA. FISH STAS-AND VI
"A FUNNY. SPARKLING A VIVAIOUS
PLAY. ' E. Stand. " BRILLIA N T." D, Tel .
MERMAID. 248 7636. Restaurant 2*3
2835- Nightly 8.0. Sat. 5.0 and 8 0 .
"A tuneful torrent _ or COLE PORTER |
hits. Peesle.
OH. MR. PORTER
. Written by Brnmr Green.
D rerted bv Wendy Tove.
"A GLOR'CUS EVENING - . E. News. ,
Stalls T skew £1 .25^3-00. Combined
D'nner-Th'-atrn T«r Lets E 5.95. .
RUN EXTENDED TO SEP T. 3rd^ !
NATIONAL THEATRE. CC. 928 22S2. 1
OLIVIER Kmen irage'. Ton'i a Tenter
7.30. Sal. 2.30 A 7.30: JULIUS CAESAR.
LYTTELTON 'amcgnlnm siagei Today.
fred. .trpv. Mat J. Tv*'t a-e Mrm ■
7.4$. Frt. A Sat 5 A 8.30- BEDROOM
FARCE t* Alan Awl Vrjrn.
COTTESLOE <amaU »vd tte-um.. Today &
t and 8 Tomor. S- Veil qi gtrwen
BnrkCfTs EAST 'all aeata £1 50 & E2.50>.
Toner 1 1 om The Camilla RlmfeMef
Sl»"w "T»;e.eignt show lasu 50 minvJ. ■
Many erc-lcei «h;ae se'ts all 3 theatres 1
day o* ocr»cmi»n "• A-r tnnduloung.;
Car Par k. Restaurant 92g 2D S3. ,
f NO THEATRE 4TS 6053. HAMP~
ercao APt YOU NOW Of HAVE
YOU EVER BEEN? . •' -The t'nsle
-r)i: dremat': -*--n|i»g m Trmn. M-y-n,
alorc. ' - SJiW'dsn MOrleV- Punch. ■
"• Rra:ncv to 'J*r heart 01 l*ar and he* i
trawai 1 Observer JUST TWO minutes 1
FROM HAMPSTEAD TUBE STATION.
M pn -Fri a P. m Sat- t. ana 9 o.fn. I
OPEN AIR REGENTS PARK. «Ca 2431.:
LOVE-S LABOUR- 8 . LOST Tedav *.ja f. :
7 .45 HCNRT IV TCO*» 7.45. Sat 2 33 ,
. and -45 ZOO S*aU held until I haur j
I beta re ocrL f
PRINCE OF WALES. CC. 01-930 8681
I 15
1 ^ ». ,s . F^t-Sat.,^ 0 lwIa .
«HN1 CC. 01-734 TIM.. EvRfTXTs
Mat. Wed. 3 00 . Sat. aJ«o
COLIN BLAKELY
MICHAEL ROSEMARY
gambon leach
in ALAN AYCKBOURN'S NEW PLAY
JUST BETWEEN OURSELVES
" BEST MEW PLAY.- j. Berber D Tel
! RAYMOND REVUCBAR. CC 01-734 *535
ac 7 dm.. 9 d.m.. It o.m. ic p e a Sunv 1
I PAUL RAYMOND greslS?? Sunv>
THE FESTIVAL
OF EROTICA
Fully AIR CONDITIONED. You mar
drink and smo k e In the a udito-ian.
R|«NT' 323 2707. . E^^gtTVw
Friday and Saturday 7.00 are q 1 «
LAST WEEKS. MUST END JULY 30
LET MY PEOPLE COME
AN ADULT MUSICAL
[royal COURT. 730 174S E.oi. 7 - SO-
. FESTIVAL. Ton's to Sat. Eri Ta,
: ?c d ..y Si: M/n 3 °Tnn UP, !£ T - C, iIJ CC »«0 fJlm
jarjfia fro^n
! munoial WRTOV wt fmSs
■ PARANO IAS. * Mats, a ll SOdi
SAVOY. -.a .» w
I E«BC 8 Mat. Wed. 2 30 Sit 3 and B
I ROBERT MORLEV. JULIAN ORCHARD
! I" MM TRAVERS'
| - HILARIOUS SUCCESS '^. TcftV»dh
i Mast end Aubo« 13 . .
SHAW. 01-338 1394. EVBS, BOO. Sat.
s 15 and 8.30 Mats. Wgd. 2-30
. /Vr_«ndl:ionino a™ 1 ^ pbHMpb.
JAMES AUBREY MAXINE AUOtEY.
CONNIE BOOTH. ANGUS MeINNES
THE GLASS MENAGE MI
.. . hi TENNESSEt WILLIAMS
I The hast nrodaerfen °* Rli clay t
1 “»a*e enr seen." T twiMHt WHU atra.
, strand; ~oTi» 2660 - Ewtungs s ag
I Mat. Thun. 3-00. Sate. 5JO and B.30.
NO SEX PLEASE
— wtHl BRITISH
THE WORLDS GREATEST
LAUGHTE R MAKER
st. GEoncrs u ilrwiiijm theatre
Tulneli PaiL. HAMLET. Ton;. Tmr- 5sf.
7.30. the merchant or Venice.
: MIL Sat. z 30. Bay Quite 0 1-609 11*3
ST.' MARTIN'S. CC. BM 1443- E*» a76
I Mao. Tundavl 2 45. SihnCiM 5 *no 8
AGATHA CHRISTIE'S
THE MOUSETRAP
WORLD'S LONGEST.EVER RUN
25th YEAR
TALK OF THE TOWN. CC. Ct-734 5551 .
1 From E.13. Dna.-Drn. 9 SO Sager Revue
RATOS DAZZLE
and at 1 1 p m
PETER CORDEHO
VAUDEVILLE. CC. 816 9988.
E«gs. 8. Sat*. 5 and 8. T-m. 3^5.
KENNETH MORE
PATRICIA ROUT LEDGE
] Moray WATSON Carolyn SEYMOUR
in Fmoerttlr Lorvfale'a
ON APPROVAL
I "UNDENIABLY FUNNY" E. N«WI.
" The gl-tter la in the perf t»r»nan:e " Tmt
ENTERTAINMENTS
[ CONTINUED ON PAGE 25
lib BauiliWni.i ■ — —
i 214 U-li i.\.<
( .'I Kmirno
J 274 • Bertel. nil tJIJ IV'.U.......
. II* BnwMpr
; 64|mi Uranimer ill ■ -
. *1 v .m f.iuiuieeruig
I Can irrldit tg.l
I 3-** i.'hatoln-rlaiti rimnp,. —
4* L.n*il
! tc (.’.rtian Uetinva......^.....
j R IH-heiiliain--
| I-. i; LkTiIcn.lSlanipina—
r :lop:e lulu
ihii|iiirl'«**tay
r~ biiaunkU Metal
• .<ii Hu-.tn UetpMjtncni
'inn r .tmlnii- Intni
u r, i h- m i> .*{.,
li"» (illicit Hr**. niaci'ilDt ... ..
3i;|iiu imvie*k liiuuji
M K.nlc lutul
l-'l :U*I»*>te ...
41 M. X. Lhu»
I*. M« tin tin Vamgen!. ,...
•|un MeKrrlmle arm
^ 1 'iu Null mg 1 win ilm.-li
•i;'V*m'h li.A <1
IC“ L'unritiniH Waiicn
:>L'iqii9uqa£iniup
< iii mMii
ill; linn K mwri
'■ | 1IK|« HU* I'r|9>1
* -i Wimr WrigUl .t i:..a iag. 1 .
vnre to wibiir bugan-s based -m gnnpMtiK esuniate. j Dividend me dbio or
eayank- on nan caoiial. ha^-a on 'lioifl.nn nn hill capital v *** Pybcy
.inli-ss oTht-rniw nxlicaTi-a u h.ki i-jsi nieMimii torer uawfl no prwuiuA vear'a
-umiiua r Dmoi-na and yield ’u>u on onn»*i tu*. ur niber official e'nmiates lot
1 577 -la u llniii i Kuiiircs asiunmi : l^rtn allnws lur nmr-rrSHXi ol marcs iw wn»
rankniK lw divalmdl. or raniiiiiK milt inr miriLli-d divm^ndL “ Issued by lender
t *»n> m to h«*fc.Ti ol (ittiifMiT »n.ir.*s js a " nuhik " v 238 S.Air. ml! I RirflU*
j* wa> oi i-aoilalKjimn *t Hiniiruip 'coder orkx- + HemirodurriL tt Iwwl in
-ousa-Hinn wilh rrurKamiaiiqn nn.-rcei <u ijhe uver 4 . IntraOtiLlion A Issued (a
former I’rrlrn-nn- holders 1 Alkilitwiii idlers <or lully uairw • Prnyisbuwi. or osnlv
^iirl Mirra S With warrants z alter tianension
11 a
36nni>— 1
95 I— I
77 J — 3
283* ~i«
126 i + l
^ 232 1-6
1 72 1
i ISO I
1 178 [-4
64pui 1 — L'
.... : “A 1
46 ;
41
..... I 68 * I
40
1 68 1-2
ISS :
: 107
7
..... 37»-
66 l-l
54 :
;
: 104 !-a
.... 178 1 ... .
5l;iim —'2
85 1-1
— ; 111 ;
— ! 41 -Jlj
a 167 +1
..... 6 1 ‘'(■in - lit
OO.iin-
: 24 j
: 106 !
DEALING DATES
First Last Last For
Deal- Deal- Declare- Seltie-
fng5 ings tioo mnit
July S July IS Sep. 29 Oct. II
July 19 Aug. 1 Oct. 13 Oct. 25
Aug. 2 Aug. 15 Ort.25 Nov. &
For rate iiUfications. sec end
0 } Shore Information Service
Money was given for till* call
in Consolidated Gold Fields,
English Property. English Card
Clothing. Westland, Tri centre L,
Capital and Counties. BP partly-
paid, CCH Investments, Swan
OPTIONS TRADED
DATES Hunter, LRC International,
Last For Booker McConnell. French Kier.i
eclare- Settle- Premier Consolidated Oil, Gill
tion mnit and Duffus and Town and City.
iep.29 Oct. 11 Puts were done in Oil Explore-
Del. 13 Oct. 25 tion and Serck, while doubles
)«*t. 25 Nov. ft- were arranged in T. Cowic. Town
ons. sec cud and City, English Property,
ition Service Capital and Counties, Fitch
in for Uic* call Lovell. IC1, Premier Consolidated
Gold Fields, Oil, Fairey, Allied investments.
English Card Swan Hunter and ICL A short-
id, Tri centre L, dated call was dealt in LRC,
ies, BP partly- International and a double was;
tments. Swan transacted In ICL i
jlslc | .III-
•1 6 *' 1
. 44.
.1 64kl
! 59 1
-13
■ry a PUcinx 1
1 Under 5
2 5.15yeaj
3 Over 15
Times^-.dElriirsd^^ Jdy 2i 1977
AUTHORISED^ UNIT TRUSTS
&F-.
, ’fl&TtiL'Hfr IML OOfe)
L *d.A^*rtwr. C29B5B4I
Brows SUpZey & Co. LtiLW
“-,i Hndn GrosnfCdHg)
•; A Fund*
fnjwnimn Ca *f lU * n "R*?*!®*. Cnlt Mgre. lid. Practical bmt Co. Ltd.? (yRe)
pn .? - mu ' SSo^SS SLm> 1MI ‘ *■« S'* 8 ?* 1 MJUtwmrtluySq.WClASRA 0I-AS8BU
DP, lA«u;a Jy3^_^£‘t 234,7J 4 Xs WOartfiUlTlt-PTJ n.K -|l.3| 4.91 ftorfic al Jply 20- -|I26a 1J5.S| *061 <35
a«Jder««i Administration^)? ranriaeiai ijf. |M ^ i.j.
•a-v 8MI-&2 02 ^miw ii.T. t,^A. • • - fTOvmcmi Life lav. Co. Ud.?
ms
-fH! j| &B=t
=•* 5-** igUntmuiHal _„.g7J
"" wJNth. American -B76
OVERSEAS FUNDS
Arbnlhnot Securities <Cj.> Limited
™ *?=*•* ' 03347-177 ^ Jer *??. *** Sav* * PW*P« lD* ern * tlona1,
3lS
*V-
-ta
und
. ; t i Ace. Fd._
■•■; Fundi
*• eld FA
- . income
y ' • "• come —
':V‘ rlncFd.
v'4 haul Finds
. ■. , liana]
j Amertea™.
Fund
* Puds
'Cu'iFd.,,
yr.Co*FA-
«?Sib.
a.&Cdty _'
L« Kai -nrngjky 7
5mir.Go < a,[X57A
*2 Canal * Life Unit Tst. Majrs. Ii±f SoiinXrS!!!
24 High SL fatten Bar. Heru. F.BarSim ftEt-J+VS 712
~ ~ — A 35«ri-061 a as VOM--
Can Gen MM. t
Po.Ccn.Accm.
Do.lBC.DllL.~s_
Do. lBC.Acnua__. ,
ACO08, Ujsa. 1175 Z 184 2 ] *0 8 j 435
... PmviMtal Ufe lev. Co.
( greg flS 00 ^BJabOPSCrte.ECZ, 0I347K33
™ssks£=:Bj sa^iis
332 Unit Tst. Mngrs.f (aKbKe)
•■78 Bolbora Ban, EC1NSNH. 01-4039222
PnidsnUml ,1W.5 UU| -D.S) «69
Qnllter Management Co. Ltd.?
TbeSltExchaeso.KCSNUTP. 01 ADO 4 m
S3=£tff-BK JSi Hf
Cap Ta .jmki "'BMft ■'■’mjbi SSl £!?«?£ Hamilum. Bermuda.
F«7c:ui-F». _ ‘
'For UK exempt fandj only
'j> 3*3| - 0 J| 10 Hill Samuel Unit Tst. JHgraf (A)
Cape! (James) Wngt Ltd.? EESftiS 1 " Sr
UDOUj Broad SL.EC2N1B9 Si
sw “ Bil .d fjf ®aS5BBE=|i
Host dealing August 3. (bi Financial Tregt. 76.6
£g Carfio! Unit Fd. Mdn. Ltd.? W(c) ^ BroB ^Tru*,...[za3
JM MU born Home. NoacnsOoopOD-TVttn
UHL- — m
Raphael Unit Trust Managers Ltd.
20. Arlington Suvef. RW.L 01-4907551
Emsoo Dudley TsL ,J4i7 474J J Si
Next sub, day July si *
Australian Selection Fond NV
Martec OpMR unilia. c<a Irtib Young &
Ogjb»MD. 127. Km St. Sydacy.
LSSlSh«rc3 [oa — [-can* _
Net asset value July H
Buquc Brazelles Lambert
a Rue do la Regcnco B 1000 Bmaseb
HrnaFUadLF p,M» 1.967] -JJ 111
Bk of LadiIod & Sl America Ltd.
4M6. Queen VietortaSt, EC4, 010303313
AleunderFuwL- .| SUS6.90 J*A06J _
Not asset value July 3D
Fidelity 'WfMFd.
FulpJ.ry sirt nb,
Pt A I land 1 —
Sene*
Senes B iTaeHlc)—
Senes D (AraAa.) .
SUSMS 6
SUSJ797
51^731
5US1J41
OH
£591
LUAJ
-COS
l.Chanejj&Ms.StHdier.JeneT. 053473741 Deahnr tK ,
“ {kmp-Gce Capital p «6 7IU M .,J _ 3TBraj)SL. SLHdUar.J«tM»
= ^-FUeelunae 1549 ^ —j *71 vl ^^eLatftd ftsd
Eej-selez Mngt. Jtrtff Ltd.
FO Boxes, SL Heller. Jersey. (EnqOl-TOfl TITO)
F . LR .S.T. Managers Lid
Fonaele* — - KF1AS
Key ae lev Inf] £6.73
IqnbiBirqie-. tjD
Japan Ob. Fund K203I
VS. DsIbrAraaMlMUd
Dir F»d 1st "*2 — *
]ut(Jr.-J™-. gM- *
Far Easien*? BNJ*
Nextb Antcriesa* - la-61
Sepw-S _|13J*
iass.^±isss j ss oH f i !! u S53£ a&dr%&
^ U ’ 7S ^ ~ & Shazsma Mgrs. ff.OJHL) Ltd.
f *** 1 Commodify Trust* iTbcmw Street, Pong in,, 1 . 0 ^
Channel Capital*-
Channel mandat-
Caa modi be**! —
SL F 14 Int—J —
Prices on •Juft' la. 1
jWceJOy
606
Income
Prices on July ;
4.26
6,9*
21185
(uiianuuo inun^.ptjj
<biSwiri5?Tni5X^)463
(biWgblteldTal-teU
14U -0.7]
364a -HU
793 +0.7
2 U -02
CJ -0 4
- 0.1
49.S -02
25JR-0J
566 Rdince Unit Mgrt Ltd.V
IS
5J9
4 84
749
SS)
672
Bellanea Hse, Tunhrtdge Well*. KL 080232371
ScttordeTma 136 0
Opportunity Fd (52.7
as-Tj
521
tS-VlLCs T*L _.B7 0 59.1
FaLlh-DbLOp TH_p4 d 99.
Barclays Unicom lot (Ch. Is.) Ltd Fleming (Robert) Investment
1. Chart og Cross. SL Belier. Jrsy. 0S347374! Management Ltd (lar. Adriseri
IWBfeSfcLWaaia
5 J - I ^*P 4aJl '> <>0 ' 10 ^ SW1Y5JH Ol-ssoras? _ . „, aujlJL .. ^ PO Bar IDT, SL HHIct. Jersey.
M ..._J BIO King * Shaxson Mgr*. (Jersey) Ltd. SAUL J«* w — F
t GUrFhwdtfrer.) ]937 A4U 1 12J0 siolj££“„
645
Fur Rnalglmn Mngt sre
Rowan Unit Tst. MgaL Lid.
"Sobjeci 10 fee Md wUbMlding taxes
Barely* Unicom IntO-O.Man) Ltd
Noxt nli day July^sl
Kklnwori Benson Limited
30, Fcnrbereh St, EC 3
1 ThomuSt, Doaglan LnJt . 06244850 SSSSSSi^ ftuaibea ' BenBBda -
cher Unit VgoL Co. Ltd
SL,£LC3V7JR
tthlyFtntd-IULO
DkAmsb. Dnha.KTA
So. Hl«h Yield 066
Do. tem Unite ...WL 6
Next 1
data July 27
knot Securities Ltd (b)<c)
mSL London EC4H IB Y 01-3385381
01-8081010 Cbarterfamue Jnh^V
CJ. InternaCl 0»
Arena, Units . ■ ■ 272
CJ.lncona 306 -•-
CJ. Euro. Fin 230
AmOi Until 260
CJ.Fd.ZnvTU 13 6
Ac cum- Unit* 26A
Frtees July 26
Intrf.f (aXg) - Ridgefield Management Ltd
lS.C3utato«lMrStrMt.E.CJt. Ql-onTZO FO Box 410, Bank HBe-Kuebatr. 0612388521
laud. L«r. Fuad — USA 1LM-0.7] 47 B ffldwfieWtatOI.HSj# 30—0] 3J»
Rthchld & Lwnds. Mgr*, (a)
, Uwcora Ana, Kn .]435
D9. Aast. Mia 236
DO Crtr Faeifie_~ 55 7
, Do. loU beam 55*
i Do. Lofton Tst. __ GO
[DnlUnxicittaal— SR
»4
S9.1
382
441
M.6
+0J]
2J0
Z40
+D2] t
] SVSliZSM ) — J —
G.T. Management Ltd Ldn. Agts.
920
ua
MS
Park Use, id Flncburr diem leiOw ®C3
mi tlx: sasioo
TeL 014Q8 81
Ma
Buinictl. p
S3SO^~
ss? asta
go Japan Ftm ri.
Slpa Unsaida !
■UntfontbiDlo..-..
01433 8600
493
41$
*15
1.48
Ln
064
LT7
.DM
SA.Ol_Ju]y 20
Schroder Life Group
Enterprise House. Fur tMnsOth.
taicnwtUoal Fuads
£ Equity
39A
412
30 J
1023 -O ja
»8M -61
4764 -01]
M9
1M
- 16.4
540
74J
498
Mi
37.4a -64]
416s -o3
2&7S -0T
+65
+1J5
7.69
769
7.69
32.51
1659
1059
22.90
S90
Next doUiag
SS iflii
Sjgi
27 J M
1S2 +0±
28J +02
Key Fund Managers Ltd' {o)(g)
« -2*83899 23,UUkSLEC2V(tfE .
July
436
4 JO
LU
479
479
3.96
3.98
Capital Fluid _ B7J
Energy la. Fd.- 71.0
... y Exempt? 4. _ 118 J
Key Income Fuod_ 15.9
KeyPXF.„„ |5j
27.
Key Fined I»t.Fd...B3.6
Key Small Co's Fd_i7S j
014087070 SLSwlfttas Lane. Ldn, B0L ttl d» 4356
61 It -6*1 * 73 ' Nr* CL Exempt— .JU6J m*\ 1 3.78
uSl^ tt
Bishops gale Commodify Ser. Ltd
P.O. Boa 42. Douglas, LoJL 00240911 Anchor IaJw^nIt21A fyid — I 5.14
JFiacJ I ntfTosl . .{!
SMasaged.
f ® J. Hemy Schroder Watt * C®- 1 ^
01-8884®
2 J 8
Prim on Jatf B Not dealing Aog. l&
COUNT— July 4 L
^ngtaally lswed at *510
Anchor -B‘ Unit*— .
AsebertntFd.
5*3 4U Romm Unit Trust Mngt. Ltd
-ofl «J2 ciD-GataH#e,Fta*lwiTS«,ECt 01R0S 1068 1 Bridge Management Ltd
- . ' Grand Cayman. Cayawita.
106
.tHon T»m. ffWed. tThnrs. ttFrL
dig. —July 14. "July 26 OJla^.
ay Unit Tst Mgs. LtdV taKc)
'l Holborn. WC1V7NL 01-831 0Z33L
-Fund [72.4 776[+6jl 5JB
.at July aa Next mb. day August X
Next OTllsg July SSL
Save Ac Prosper Group
4 . Grant SL Helm*. London ECU* SEP
-fa Unicom Ltd UKgWc)
.He 23d Romford Rd. £7. 0133*5344
*ti
**ew h:ghs
America —{34 1
.Inc ms
.... _ 57.4
Tst min
icome _|235
@7,0
G5.9
, Sm
neTst 71 J.
A' n* Tat. _ [113. 4
Ulja'ASz:
5J-3 -i-J 1JJJ Row*uSev JuIrlS-
74J| -0^ 7.99. bums HYJidy 1*-
(Acoum- Unllx)
Chieftain Trust Abnagen LtdWaXg) Klelnwort Benson Unit Managers^ SSrJS^tS ' 1
2631 Queen 8 L.EOIR 1BR. 01-S4A2SQS 20.PBu*nr* a.B.CA 016238000
Amertemn MP *5^ -x-J , 22 s 2^1 — I 3» Bewe ft Pitman Management Ltd*
“j° tt^tInttF 6 AC-[ 8 « 92.jj.-J 5J» cjt^ Mtmr &u RttOIAM 100S
Confederation Pnndr Mgt. Ltd. V (a) """“^f^mS^day Jnl^i 252
ma iff vo Royri TsL Can. Fd M grs. Ltd
Growth F und. W-H—j s .« LbClnUXGeaFd.rau — -i IS 64Jeraw.Strae«;S»W.L oi«9823S
Cosmopolitan Find Mmagen. ______ ha g -J g-£
Coailwll Ara-ZnmkmSC2S7XX 6280322 L * W *® n SecnriHe* Ltd (*KcX*) pKiT July iSNr-* -5®S--B2 vI _!•*
CDiw^ShFlLpS J XLH SJ 5 «G«»rteSt,BdlnlW*h*H2a7C. OSl^WJHnl ^
umrBffiS: Sra. »^3crarln SL. ffinr-ttartsb.' —
WtodwSlAl^T Windsor 63811 gAccna._Pii^_
■urowifl roM . M
Crescent Unit-Tot Mgr*. Ltd. (aMg) SffitfwiSSffl-**
4 Met*nieCrcL.Sdinb 8 r 8 hX 01-3264891 ncm^Wwrsot.^ SB +ga
Crescent Growth —DO . MN -£2i 3.67 £^eu« Units) && S3 +fl3
^{££^■=§1 . 5S =ggS%H_ "
OnSosm— (U 3t.< ~o5t 3.65 DraL AUoc. "Tu*s- TtWad fThura. *FTL
. __ Unlv. Growth (Ace.
Oiscretf unary Unit I™ Manager* r^*r a General TnM FonM ineraaaluc «— ■m
“Tiff “«»
m i£L, RtaJa-JlP “
naetsm fi«=J ss
Bmtto Sew. IU.KHKO _|tts ju| ,_.| s g
Sa^oil 657 41 Bisbepagate. KC2 0WM8S8S1 LmAecma |«,B «4 — I 5.78
6A2 FragrwKe- fft+ - . 686(-0J| 4.96
36 ij —0.
N^*»hi JhucSO ] Y14J97 I 1 —
FO. Bw N4725, Nassau. KP. Rxh.rr.^
N^OOFlJulyM— JJPSSUl J f [t
Brita nnia Tst, Mn g t ^ f (qq rid
» Bath St, st HeUer. Jersey.
GEywih rarest [296.1 520 .
intnl. FtL.
J Tassw^ffi
•Unlwi D1 §*l!:&-s* 9I
•Uni ml STsxZsle_K.M
•Value July 30. Next
w «
SUS647H
SUSTL07
5US2491
, SUS653 ,
— — 1 v,
*■ imenmtknst Ud J, P^tas ateto only. i 2 D . cbc- p«j d(liE q l .
Go Bt of Bermuda Aunt St. Hamlta. Bmda. “W«>* Bt (CZ> 13 / T MgTS. &9»tj i u ,*f “a
Anchor GUI E^._|9« _?&-***[ pSM
Next dealing date AugnR J^afuJh^'14,-1
Uoyds International MgsmL SA. Singer ft PriedOander Ldn. Aggta^
7 Rue du Rhone. P.O. Bor 1T9. 12ll Genera II ». Cannon SL.RC4
«K£S£:gSS ^:53 a «8M!mi=nHbAT3 ^
M ft G Gimp Sniinrest (Jersey) Ud W vjj
Three Ooays. Tbw H 1 H ET3R 6 BQ. Ol-CS 4588 ? PBor ^'
Hen* Bo AUalc.Ex. July 10— l*S2656 taw ... 4 — Amcrirao IwLTsU. l®95 Wg+Ma *4 n
....J Ufc Auat- Ex. July 13 — ]*SU75 LSsS^UM — SS'EHTft qS+OM —
-4 — Gold Ex- July 13— .BUSHS +0j| - J8P- Index TsL |EU0
Swi — ^iaduM S53 j«6 SuiinPest Tn»st Mmugem Ltd W
G.T. BemraA* Ltd
8t of Bermuda Front SL H a mlta . B mrf a
i
G.T. Mgt (Asia) Ud
Ratehtwu Bsa_ g*£«rait
GT Axt* F. JtUr 13— Wfla
- GT. Basra FVaA — ]WSM7
““WM o.T. Management (Jersey) Ltd
Bn tie 1 field Management O ft
P.a Bex 185. HamUtsa. Bermuda.
Royal Tm-Sae. Grtomeri^ SL Heller, Jtrwy
GTArtaStrig ]H0 77 1L22J | —
Gartmere Fd Mngt ffar East) Ltd.
to House SL. Hong Kong
HKliFac.IT. M.-.PBIZ32
25g
230
« 1006[-0( >j < _
S 6 Athol Street. DwOhIaH, OM4230M
The Sliver Trnrt [1033 J65Jf+tU»] — ‘
SSS^S^SJ iln ' A 5 t8 ‘-_ __ __ TSB Unit Trust Managers (CJ.) M£
mstti=;n ara S . WL^ *
BUBrenEeultr.
U7 Jersey July IS— |
«*■» Qb«» ^ a2 <>nt
ZM
D ea l l m aao: 01-564 8869 or 031428 73S1.
iiJ Save ft Prosper Securities Ltdp
Gartmore Investment Management
ROBctatDmdulDK 002423011 u _ . . _
Gartmoeetnfl-int .iiB .9 2011 +ojj 113 Murray, Jon as ta n e (Inv. Adviser)
Prices a( July 24- Next tah. d |7 AU 0 OC 8 * CirtnowliilCUi. . .| S3 J 575 jbJ ^_Z| &40 103, Hope SuGlugow, d (M 1 - 2215 S 21
Hntofidfie Fond MgmL Ltd -SSSfiSdZzf I -
*116 C onna ug ht Centre: h mi » Kom -WAV Jane 30. 1
FXr Can July 14 H48
' ~ ' »U5S«
Capital Internatiuaal SJ.
37 rue Notre- Dame, Lux
Capital fat Fuad— { SUS15-7?
367T +OJ1
654 -0J
S? : 2 i
94* -0.4
-■Stf
V at June 30 Next mb. d*r ju
cefcndJ^LS HIZTrfj
slide TnutWS
High Income Funds
High Return—.
Income
6 M Equity ft Lav Un. Tr. BLf (sNhXc) rartDmn.
* JZ AmenhmnBd-HlgfalfyeoBbe. OIM33377 Worthing. HmfS
Equity A Law p*7 . 62.B-02I 4.49 Ttettt Brt nedj 1«.9
Ftaaggng tan Unit Mgt Ltd. (a) second rewo
UJL Fonda
UK Equity Pbud_^
EhorCaxAee..
EhorGeuernl |44.4
Ovmcat FttodsOt)
EuropoGthJ-4 [7JB
Lloyds Bk. Unit 1M.Mhgn.Ltdf (a) uSc^ritz: 1 ^
CoringJjy-Sea.
Brothers ft C 6 Ltdf (aNh)
' jnbaUSUBCX 01-S8B2830
:>.«==« sa=ri m
Next sab. day JuD%
Capital TiL.
InLSSoihFu" l
Do.Aecum..
Third dneenre) .
487 Sn.(Accam.) 9S6
6.96 fonrth (Exlncj 568
3.07 Do.(AecumJ.. p4J
3.D7
Sector Fundi
01-0231288 Commodity
«I2l-0.a 673 Eoe.r®
63.0 -8.2 4.73
481 -05[ 3A6
662 -OjJ 646
77,7 -03 6J9
-° 3 £12 Select GUl"
5461 -OAl XU Select lac,"
58.91
8 JB
Japan Foal.
’sSl^l = NegitdA.
Hambros (Guernsey) Limited l??.?? c . IeT3rd **?!. Luxembourr
PA Bex 88 , SL Peter Port. Guernsey 0481 26521
ComhUl Ins. (Guernsey) Ud
P-Ot Box 157, SL Peter Pmt GUaraacy
In tnL Man. Fd. p«0 ISHJDf — -J —
asffiisgfcr^. ^ -ri 13 Negit Ltd
_ — 4 Bant a ( Bermuda Bldgr. Humilioa. Brmda.
Henderson BSM MgemnL Ltd NAVJulya — £3.61 | | —
P.O. Bor S.M. Kami ___
H^ouBSMjpoJM.BtroJS ub] j — Old Conxt Fund Mngrs. Ltd
Price* as July IX Ktst draUas ante July 27. P.O. 58. SL Julian* CL Guernsey. 048128331 JmayRLJuiy ixZli50A
Delta Group
P.O. Bex 3012, Nassau, B a hama * .
Delta lor. July 12— {SOSUX LM 1 —
SmCUFUJuaeSO-f:
FJn'cial Secs. Fd.
Ebor Financial
Eber Prop. Share
mn-Samnel ft Ca. (Gnemsey) IKL
• LeFCbrre SL, Frter Port Guernsey. CJ. Intl-FdJuly IX ■
CuernaeyTSL [1344 Wt\ -0.7] X6B
Hill Satan el Overseas Fond S-4.
87 Rue N'otm-Dusc, Zatzembourg
pcsnjs iuq+607] —
Prices OB July IB. Next mb. day ■
Tokyo Pacific Holdings N.V.
Xathais Ma nageme n t Co. N.V, Curacao. -,i
NAV per sham July 18 5USWA*
Tokyo Pacific HIdgs. (Seaboard) N-Vl
Intlmis Management Ca N.V- Qmcaa
NAV per share July IB 5US39.4B
Tyndall Group 4534 37331
Hamilton. Bermuda, ft SL HeUer, Jersey.
Overseas July 13 ISUSL86 1124
(Ac rum. I’aJui UTJ158
TASOC JuK 13 Bp975
3-tVav J dl June 23 -BL5Z52
TOFSLJuty 13 _[C6 9S
I Actum. Shares! —.10.15
TASOFJuftr 13 b«J
lAeetun. Shares! —K5
' ' Ir 13— 11566
(tsj.197.0
10L2
(Non — J. ACc.
Gilt July 12
4.96
lAeeom. Shares) —1117.4
Jrsy.Mtm June33_p064
600
□ L 00
650
J1A5
Deotscher Investment-Trust
a >»g*««>.ea»«i pf*K»^>**M<a.rasnooFV guM^ f International Pacific Inv. Sfagt Ltd
Cooccntra p»Ql« 2170 — J — POL Box B237. 56 Pitt SC, Sydney. An*L
InLRentenftmds-pSaS 71S* !3| — - - -
Old Coart Commodity Fd Mgrs. Ud United States TsL IntL Adv. Col
P-O. Box 53, SL JuUnn'i CL Guernsey OBI JST41 K Rue Aldringer. Luxentbeux-
8 £:gs&%rJU :::::! i w mm
leabug inly 28
'Price* on July’ ft Neat Sealing"
t Price on Ju^ 7.
Not asset value July :
5JXJ
-Prices on July 1 a Next auhTday Aug. X
.^jgale Progressive MgmL Co.f
5X01c, E-Ci fitSBB8380
;vx‘i
»•
_•:• si;
;«?
1 - *. .*
tefe
.•July 19. 1495
-^..•Julylfl— [174.8
- aiL July 12-11516
■^WJuly I2_Q64«
xt sub. day July 20.
mold’s ProvdL Unit Tr. Mgrs.f Lloyd's life Unit TsL Mngrs. Ltd Scotbita Securities Ltdf
FlxhauBHLDoridag. - 0308 SOB TOW.CaleheusoRd, Aylesbury. 029889*1 Seorblta 1X3.9 36.44 -*DJ 428
SSS£” "*-g| Sa^i '& o’" W4-J *» A— “ SjdH !S
uo.Accum. -pw.. For London Wan see Scowhares BJ 495 - 0 J 5 J 5
G.T. Unit Manageis Udf ' Tyndall Maaagm Sl . ^ =o J I £
16 Flnybury Orem BC7M TDD 018388131 Sot. El Gth^l~ 214 .1 242
Dreyfns Intercontinental Inv. Fd.
P.O. Bex N371X Nassau, Bahamas.
NAV' Jujy 12 tSDSan ttlfj I —
jgl
Rind MmagersfbXc)
liamSCEGtROAR OMB34BE1
roe. M25 46J4 784
.-rap.be 160 32d +05 358
.JaP.Acc 32.3 34« +0.4 358
..icempt 1360 2l£M -48 487
DtLba—lAl 153 4J1
Lull. ACC.— 15.8 S.0l 4J1
■~cm July 16 Next sub, day July 26
G.T. Japan ft Gea— — _
4GLPWEXOU— . D 6 S
G.T. lutT. FUnd 360
GIT. Four YdsF d— 560
Emson ft Dndley TsLMgtJrsyXtd
P.O. Bos 73, SLUaHee. Jersey.
Javelin Equity TSL. U388 ' X95«d"..,..J
J-E.T. Managers (Jersey) Ltd
PO Box ISf.RvrtTrt.Hae, Jersey 0334 27441 laltrvDonarFnn6-lXL30
Jersey ErtrnlTW_. . [ML Q lfi68| I —
As at June 30. Next sub. day July 29
Jardise Fleming ft Co. Ltd
Next dealing date July 2 L S. 6 . Warburg & Co. lid
30. Graham Street, ECX
Con3cLFdJu)y20_| SUS988
Engy.ru uh- 30 SUS1643
GrSLSFdJsueaO-l SUS6.72
BDJX.T..
.JUU
OS34205S1 48th Floor, Ceansught Centro, Hong Kong
118.7] — J — JardineE*n.TsLt.
.,.] 728 Anatralasian— ,
w
fG. ft A. Treat 00 (g)
& Rayleigh Rd, Brautvood
G.ftA ; —127.9. .
Commodity [5S5
Unll£) ^0.6
(Accusl ,
i n ■ .ti a-. ■ .mi CtunpoundGrouah-jaSS
. ram 227300 Conversion GrowthPr75
298) -OOj 528 Dividend ,—1970
fAccum. Umi 5 )„ 1746
Gartmore Fond Haugen f (aXg) European - 1*55
UW-
*nia Trust ManagementtaKg)
o_Wsll_BuIWlligL LoiHltmW^^
3C2M9QL.
01-638
*38[ -B.4f 600
1 -Oil 480
467
50.-03
35.7
fiJAIUK >
M
77 Ja
1 ^
39
si
ud
2 »-U
— ffij
+L51
-o.v
-o|
XSL Mary Axe, BC3AHBP.
irlAmerieaa IhL— .<263
British TxLtAcc.)— 42J
Commodity Share _ DU
Far Eastern Trust. Z70
HiehincmneTXC—. WO =
Incmne Fund—.. _ 5M 0Lfl-0.d a 0B /AS;im.UniM
b*.AaracteaW. 02.49 13L5M-08S ffiMwwS-
or myat Extra Yield ,,,,.,,1669
01-2833531 lAceum. Units) 872
KJ Far Eastern 400
S JI s-s l Accum. Units! 42 4
“Ji-M Fund el Inv. Tata. 51.8
-A-x K3 tAeeum. Units) 10.4
5061-021 9JB General 3318
209.0
^ S3:SX£r:e5 S3: UBSSSl
^1 7% "Gibbs (Antony) Unii lSL Hgx lid ’ SSSSSPuSSir ma
-02j 1057 2XBkMB0eldSL,EC23f7NL. : 01^884111 Midland — ^ - 0267
(alAJLXneome* WX* 3521" i 8.90 ‘
S.'te
ttw<
639"
3.92
6X7.
465
4JJ5
696
643
647
320
4S7
2.98
447
625
C*i A.G. Crovthtt—
(AlA.G.FhrEast*— I
, . DeaUni
"(Accuat. UnlU).
Re
Second
te
Govett CjDhn)f .
77. Leaden Wall. OCX "01.
STildr.July 15 JC. 11149 126. 4rt I 127
DaAeaaaUiVniMLJ^ l^Dy_T| 127
44J +03
.62.1 +03
645 +4)3
922 —0-2
505 +03
UUd-OA
"■lil
fiSa
43.0 +0.1
452 +t)iJ
543 -OX
■ 643 -03
15L7U —03
■ 2262 -05
BUS 1-0.4
134.7 -06
143-2 +0.6
Idea -ca
2243 -OX
ll37J -05
216.4 -69
■ 623 -03
14SJa -0.5
■ 2161 -0.7
I132X -06
I6l.( -0.7
(Accum. Unfix) P5L9
SpedsUwd Funds
Trustee _ttl5.0
(Accum. Units)— _ 2193
Qiarlbond July 19- 1135
Chartfnnd July 19_ 129.4 13L4
^Utom. Units) [147.1 1494
(0008)08441
Scot.Ex.Yld.-* 11445 15td 699
3m -Prices at July 13. Next nb. day July 27.
in# M & G Gionpf (yXcXz)
IS Three Quays. Tower Hill. EC3R 6BQ. C14» 4388 gchleilng er JVdirt Mttg rx lid (aXg?
328
L7B . . . _ _
2X3
594
694
691
331
672
672
431
9.88
9.08
453
453
F. ft a MgmL lid Inv. Advisers
PX Lauraaee Paantacy RUl. EC4R OBA.
01-823 4880
Centy-Fd. July 13_| SUS449 | J _
Jardiue JgJPdjpj
Jardine .
J*rdmePhlp. TsLt.
JartHne Firm. IaLt .;
NAV July 16
5HK22339
3HK265.97 I
■5US12J9 I
Sl I SU.03
■ SHK9 B 0 ■
! Eguiv*Ieet5S2
Phoenix International
PO Box 77. St Peter Port, Guernsey.
2A9! 1 -
Property Growth Overseas Ltd
28 Irish Ttm. Gibraltar. (G<b)ai08
US Dollar Fund -1 SUS96*1 j ,._-j —
01-600 4536
Sterling Fund 1 £11934
Next sub. July 30.
Koyal Trast (CD Fd. MgL Ltd.
350 P-O. Box 184. Royal TSLH*e, Jersey. 063427441
RT tatXFd. JILWS 8 W I 450
L 0 L 0 | |
Warburg Invest. MngL Jrsy. l id -
L Charing Cross. St Heller, Jv-CX 0SM 73711
CMF Led. June W_UDSH27
CUT Ltd. June 30— E9.99
Metals-IbLJunelX £1223
TUT July 15 5U 99.90
TUT Ltd July 15 £925
R-T.lnt’l. May.) FKL. [96.0 U12I ..„..[ 5JM
Prices at July 16 Next dealing August 15
dacerraraung Trident Tresis)
140, South Stret, Dorking
Am. Exempt*
Am Growth _
Extre Inc. Tht
IneomeDlsL-
Inc. 1094 Wdrwl— -
Intel . Grow th ...
Market Leaders
■Nil yield 1 .
Ui Grth. Accum.
UJS.Grth.DisL
520
World Wide Growth Management#
lOa. Boulevard Royal, Lmmbourg.
WorldWldeGtlLFd. ) 3USU.93 J+tUBf —
-Next sub. day July 27.
M-
263
1L29
954
2271 ...._
aa
37.7* -OjJ
295xw -OX|
4 6« +03 279
27.7 -03
28.4
197
lgj
INSURANCE, PROPERTY, BONDS
474
854
IS
Abbey life Assurance Co. Ltd
15 StPUnTs Churchyard. SEX. 01<24881U
01-8*0 3884
HM229 I
4.40 J. Henry Schroder Wagg ft Ca Ltdf
J-g U0.Cbcaralcle.6C2.
Capital July 18 mj 935M
5^ CAccom. Units). U07X 113-0 -
2 “ Income July IB. 0482 1535a j
(Accum Units) &02 217J 1
f-H Europe July 14 HI 285
(Accnu. Units) [29.0 305
~ ' r July 10 H469 1535*
' .July 3 6776 1824 —.
/JulyX*.p6ia --1664 vl-
*For tax exempt funds only.
Property Ace...
Selective Fund
Convertible Fond-
VMoney Fund
Pens. Property-.
Pens.Selectlve
Pen*. Security __
Pens. Managed
Pens. Eqaigf^y
VPtoplFU
*1 tan. FU !
VBjUlhFVd
Vlten. FU Ser. 4. _-PI44
VConv.ru. Sot. 4^_
dUore-yFiSer. _
Prices at July 16
132J)
752
1236
133.7
1475
763
325.4
ML7
133.7
□09.9
— Equity Fd
Property Fd.
Equity ft Low Life Ass. 8 oc. Ltdf New.Court Property Fund Mugrs. Ltd Solar Life Assurance limited
Amershim Read. High Wycomba 040483371 SL SwItWns lant, London. ECA 014BS4398 lt77Cbearalde.EC2VEDT). DUMMI!
IK : 7 JK’S -0 - 2 ! “ N.CLftJJune30— 110X8 110.4} | 7.70 SolarHraaged-a F109X' 13691-9X1 — J
ig-3 ■y. J — Next sub. day SepL M. SoIarProrSty^ 96.6 M26.—. — '
it? m '"'"I — ^ Pennons Management lid iolarFxdintZZfi ioz| iota ijj — !,•
„ J 7 - 1 »« 2 j 1 — 46 Greece hurch St. EC3P3HH. 01-0234200 SolarCash -8 976 IC 3.5
General Portfolio Life Ins. C Ltdf Managed Fund P520 2375] .-..J — Solar Managed, p 1090 1145 - 0 - 2 —
L Next dealing Aug. X- Solar Properly- p 96.6 1026 — I
Solar Eqntty~p 1295 136.4-0 — J
Solar FxdXnt— p ]U28 lOafl -OXl
POBoxAKorariehNBlSNG.
Fixed Interest FI
Gtd. Deposit Fid..
Mixed Fd-
|1HJ
169.8
/al nations <
S-il
Scottish Equitable F7UL Mgr*. Iidf
7U 28 SL AndravsSq, Edinburgh.'- 031-3660101 1
Igjj jiJ? ^SmUrttelirtwX _J»j| ~i 5)
dry Tuesday.-
TOe*. JIngdFndJbne 20J295
Albany life Assurance Ca lid
31, Old Burlington SL.W.L 01-4375962 United House. W.1L
60 Bartholomew CL, Waltham Crosa. WX31R71 Prices July L Ncxt dealing ‘Anfr^L
1 WM * J - Norwich Union Insurance Grtrap
ssrs-is soc.ifi-' 1 - ~5a-r- w ”"" —
2 Prince of Wales Bd, B ‘mouth. 0302 787855 Equity Fund . ,
GJL GUt Fund pJM. 4 005.7} -05} — Property Fund jlif* 1206
GresvaorniTe Asi. Ca'IAd.- *■ :{KSFre3MStt T 'Ss3
65.QrramMrSL.WJL . .01-4881484 Nor. Unit!
364T„
18471-0.61 —
2?lJ-l3 -
174.4
Growth i S«. Llfc A^ She. Ltd., ^
7.95
7*
Ish life Offiee Udf (a)
^e.TunbridgeWeDxKL 080222271
JJfa M2 46JS -05 555
d-IZIKa „ S3 -ij IS
>ly 2X Next dealing day Juy 2X
213.i +uf
1 SU
3*4i
m
:9iXx
92«
Si M
Gritvtxon Management Co. Ltd, Petti ooEsJu^ie.fiiii Hit) 6 J 6 Sebag Unit T*L Managers Iidf (a)
SO Gresham St, EC2P2D5. 01-8084433 PO Ben 5)1. BcUb rv _ Ore.: E.C4, 01-2365000
BrringtraJu^ao,. [ 191.0 2ta^+i^ «6 Manulife Management Udf SaSg^S^gf SJ itS iS
' SLGrarge'aWay.Steveaage. 043058101 SM^glucmneFlUjaA 265( -0 J/ 855
\m GlWrtlVn ‘ U !46 ' 1 ** "- 1 XH Security Selecflon Ud
264.: „ rir,,A HmMM. iu * 8 »• Crescent ICnories, EC3N SLY. 0I-4M 43U
175 Mercury Ftma Managers Ud uoifflthntAcc P 1 * 23J» _.| ns
576 30, Gresham St, ECZP2EB. 06800 4S55 Unv] ahTMIoe._|l9X Dtj ,;....| 3X4
CAcntm. units)— 203.7
Sign. AT- July 14 .. 144X
i Accum. Holts) 157.0
SudeavoorJiuylS. 1621
(Accum. Units) 165.4
Grncfcstec Jobr 15, 86.6
(Accum Units) 8X2
Lon&Bnls July 20 _ 635
(Accoqj. VoiU) 1(63
VEqa
IntAi
VGIdJIaneyFd-Ac,
VLnliMnn.
VPto]
rtf pie Inv. Acc.._
. PeoFdAcc.
. _ LPenAct_
(PtdJJoaPen Acc. . ^
XnO Jfn-PaFtLAee _(ta5
PropPen^cc...,
lfyle lnvPenAcc-
1456
in;
„
123.7
1393
— re..
1996
1152
916
96,4
»' 1*1
109.8
......
} tyr m
1A5J
f - J ■
17T) H
MM
iTTTR
roy
n[|||
1203
1X1
re M .
M3
99.1
1156
771 ^
157,0
1663
J
mi
Flex Ode Ftaance— |£LD78
LandbaakSeea . — \~ 56.78
Land bank Sc*. Acc 11155 1
GAS. Super Fd. —I £6032
Cuarfiaa Royal Exchange
Royal Exchange, E.CJ.
Property Bonds — Q465 15261 | _
Pen Man. Fd-Utt— ,(139.6 1475} ,...J —
Hambro life Assurance limited f
7 Old Purl: Lane, London. Wl
4-5, King W3HamSt.'EC4P4HB.
01^098188 Wealth Asa. 199.7 M55l-fl.4l —
EbY. PhJJq-B
Provincial life Assurance Co. Ud
Solar Cash _p J97 A 1035| ,ZZ\ X- i
Sun Aiiianiv Fond MangmL Ud.- '
Sun Alliance House, Horsham. 040364141
■fi«swi£f , w p l-=d--3c
Sun life, of Canada WX.} Ltd. „
i 3, A Cockspttr SL, SW1 Y 5B8 . r 6J4B034H)
„ Maple LtGrtb 1 177.1 ( -_J -
01-6289876 Maple LLUangd._| 320.0 I ZZA -
M-iploLLEcty { J17j | j -
PexauLPn.Fd._l 173X [ _J —
Target life Assurance Co. lid.
22X Bishopsgnte. E.CX
GUtruudao r
Target House, Gatehouse Rd,
Plop. Equity ft Life Ass. Co.f
01.2*7 8533 B«*S.
*ten. Fun d Inc
Man. Fund ACC- —
Prop. FtL Inc.
Prop. Fd. Acc.
Prop. W. Inv.
vr«i dm
2^2 Merc.Gea. Julr30_ 14L3
LM Aec.Uti. JlUya) „ 17X8
MercJuL July 20 — 5X2
AccmUts-JulySO- 56.7
=* i-
f-.:.
•- — '-.jr-lSA •
fr ' ■ ■
■;» * '
■rat :
TP r »-
58f- ¥
< k.
t 4
BASE LENDING RATES
. ,ra*. *t
’•. Y- ’ -*
,. +4-^*
• •*; *
w t>
'.r *
■ t - S
j) r 5
% -j'
• : Bank .........
- * Irish Banks Ltd.
■- ■! tan Express Bfc
“ v .Bank
..ink Ltd
:: ;. Anshacher
' de Bilbao
J ‘*f Credit & Grace.
■■* - •£ Cyprus
,-f N.S.W.
■' ‘ i Belge Ltd. —
:* ‘‘-..du Rhone SLA.
u "I* Bank :
^‘ Christie Ltd....
t - Holdings Ltd.
T-nfe-of Mid, East
. ; vjhipley .........
’ '.a "Permanent API
; --Z & C Fin. Ltd.
8 j% ■ Hambros Bank
8 |%
■ Hill Samuel ,i ...§. Sj%
C. Hoare & Co. -t 8 {%
Julian S. Hodge 9 |%
Hongkong, & Shanghai 8 i%
Industrial Bk. of Scot 81 %,
■ ‘ . f jtd
<=# • •
■. • oldings
..*onse JapheL-
;-W t -
4» ■ ■
ates
,, 'ited Credits ..
. ive Bank
a i a Securities..
•
■“ : ; unnais
1 -^wes
•W- ’
-* : .V j-'.AWie .1;
- -
- ’ v ».«
?-£ ranscont ...
O -’don Secs.
> ;r • Pin. Corpn
"ta r.-'t
>ry j •«
M -
rv *■•
*id Guaranty...
*; >» Bank ..
*.■' Mahon
Si%
9%-
Si%
94%
91%
81%
81 %
8 i%
Key ser U lima nn
Knowsley & Co. Ltd. ... 10
Lloyds Bank 8 j%
London & European ... 9 ; T , %
London Mercantile ... Si%
Midland Bank : 8 i%
(Samuel Montagu 8 i%
I Morgan Grenfell Si %
National Westminster St%
Norwich General Trust 9 %
P. S. Refson ft Co. ... 81 %
Rossminster Accept* cs 8 i%
Royal Bk. Canada Trust &|%
Schlesinger Limited ... 9 %
E. S. Schwab inj%
Security Trust Co. Ltd. 10 %
Shenley Trust 1 U%
Standard Chartered ... 8 }%.
Trade Development Bk. 8 i%
Twentieth Century Bk. 10 * % .
United Bank of Kuwait 8 $%
Whiteaway Laidlaw ... 9 ^
Williams ft Glyn’s 81 %
Yorkshire Bank Si%
| Members of the -AcortNtag Honsra
Commltiee.
May deposbs 4%.- 1 -month deposits
7-dw dcpoelta on sums of SULOOl ami
gj" W> a55W 5% and over
Call deposits over XL 000 4%i
1 Rita “ Dexnan< * depoSItB .
+ Si% * ^ 03x0 aDttte •» Starting led.
4** r
sb ;■
■' sr*. 1
i l
t>t “V ■■
’ '
>ERS AND LAGGARDS
M taWe Am the perceatao* ehaosart which km taken pin
■ 3L 19K, In the principal equity settle us of (he FT Actuaries
It also anna his th* Gp]g HLaea |ad«-
500 Share intle* — + aj?
— — •-■-"+ HA1 insurauce BnAcr* — — - + Zltt
™L~T,trs. t SS
Pubtlstilns + 5BX3 ShlpplMI + ***
Caumain. + 8936
■
: * '‘'’ 7
m*-:
■fc'V-
•• 1 [DBaUerS Z SS'Cons. Goods fNeo-Dor.) Group + 22*7
4 tunable) Group + «- Bim|iI (Composite) + 2183
' trihWw + *ST Ertertalnmort and Canrtas
Breweries
-ifOBP
+ 37-65
+ 3757
+ 3667
..... + 20X6
_, + 1*57
+ H-98
+ 3537
+ 33.96
s _ + 3352
Oils —
Feed Muuftcnrtm -
Merchant Banks
Dtscwmt Houses
(Lfla)
+ «_a M lulus Finance
— .--- — nin Iqueslnient Trots'
- — — ■— T .1 VI
eBOTl> — t SS Cold* Mines F,T. _.
+ »■" Tcta ««
m + »J?
> -
+ 17X4
+ 14.91
+ 16.73
+ 1852
+ B) JO
+ 959
+ .95*
+ 7X7.
- .8X7
-.. ” 2.78
t Perecntage dtaages baaed os Tuesday,
+ 2132 July 19, 1077 indices. . r
Merc-ExpcJuic n . 1726
AecamuteJuaeS3. 1198.8
— j i £ Stewart Unit Tat Managers Ltd. (a)
031-2263271
Midland Bank Grasp
Unit Trast Managers Ltd.f (a)
CMftwMdHeuse. Silver Street Head,
Sheffield. Sl 3RD. ToL 07427880
45, Charlotte S^., EdLnbargh.
Stewart American Fuad .
Standard Unfix 157.6
Aceum Unit* |*7.i
Withdrawal units. .
Stewart BrittA Capital Fund
-•Standard— [1078 • Jgjj ..-j 4X0
AMjEV Life Assurance Ltd.
Alma Hse, Alms RdLHrtgate. Reignte4010L
AMEV Man aged_.
AKEVMgdTBV-
Fixed InLDnp B28.9
Equity pjO-O
AMEV Money Fd. _i~-
Aarev Mf3uheaJFi(rt88
AMKV MgdJea.'^lOQX
Flenplan, —
214.4
1206
99-1
104 0
1012
1061
— rr-
103,7
TIM
X8S.fi
Property-
Managed Cap.
Managed Ace.
Oveiaeai.
1394
1223
B47X-
14
Accum- Unit* — pJ 95
Commodity A Gen..
Do. Amun.
Growth
Arrow Ufe Assurance
30 Uxbridge Road. W12. 01-7499111
BuaejK h=i =
Barclays Ufe Abbot. Co. ltd.
Romford Bd,&7. fll-OSi 5544
Gilt Edged 1075
PenJTJLDep.Cap, — 1242
Pen-PJ-Dep-Acc— MD5
Pen- Prop Sip . — 1743
Pen. Prop. Acc. — 2175
Pen.Mnn.Cap. 1795
Pen. Man. Acc 2240
■ GljtEdg.Cap-.poa6
Da Accum.
International.
Do. Accum
High Yield.
Da Accu m ■ — (523
Equity Exempt"— 975
no. Accum.*— .1978 ,
•Prices st bum SO. Next dealing July 29.
£3 .Son Alliance Fond MngL Ltd.
3X0 Sun Alliance Hac- Horsham 040304141 ■ - - _
II asas&mzi& 1 ■sited vgS^E
Target TsL Mngra. Ltd.f fe)(g) 1
243 31.GradiamSL.BC3. ... Drall ngK<ES6 89*1
Pen.GritEdg.AeC-.
Pen. B.S. Chp Q17.4
Pan. as. Act P29X
XOM
1573 —
iSJf •— |
3 U5
lire
130«
147|
ZOM
189.01
235M
U4fl
13SJ|
20 TaxgUt Commodity- ]M.O
870 Targfll Financial,^ 495
assa-fesi
12i2ZXi&-.z si
Target Growth Z7X
Target —
Do. Relov. Units -
.SS^i
36JU
178.1
2328
1D6.I
29.1
- 0 ^
35
-ox
~0Z
336
488
641
£50
620
400
352
159
159
3.47
441
9.71
1254
561
100 -S
Managed B'd»_^ («8 190JH -05|
MnaerB’da. (952 loci} ....
'unit value July 20.
Properly Fund---..
PnwwrtyFundCAi..
Agn cultural Fund,
AgrmFnadfA)
Abbey Nat Fd-WJ .
IavexunenlFund—
tavcarti^tKUAJ
Hearts of Oak Benefit Society
EtutcnBMd.LaBdmi.NWl 01-3875020 Money Fund
Hearts of Oak J346 366| 1 —
fHUI Samuel Ufe Assnr. Ltd.
NLA Twr. Addlacoobe Rd, Cray. 01488 4355 G Ot- Edged FUfAJ-
R-SOkProp-Bd.—
Do. Man. BcC—
Do. Equity Bd — —
Do. Pk.
Pq.BaLAg.Ser.-ll
.ft Cor. Sec.
1606
....
71J
re...*
63.9
mmmm
1333
■Mil.
1060
raure.
U 22
01^900857
Ret Man Ac. Pen. „
ReLPlanCapJ^n-,
ReLPlanMan-Acc.,
JteLPlanMan.Cap_.
GlREiftCtSr&iJ U22 J ~Z| — GUtFracS.
P ro p e rty Growth Assnr. Co. Ltd.f Transinternational Ufe Ins. Co. Ltd.
Leon Horae, Croydon, CR31LU 01-8800008 8 Bream Bldgs. EC4INV. 01-4058 4CT
S 75 mj
940 _
952 10)3
58 8 638 -0J
4 96 .53/ -051
123.0 130J
1172 *123.9
1086 11-1.7 -LA
1063 1322 -L9|
Actuarial FUni
Beehive Life Assnr. Co. Ltd.» DO Monnyra 111*2
7L Lombard St, EC3. . 015231388 DaPnjL*d.CSp._b9.7
6HJS.7ira.Vhth.. 1345
Do. Man. Unit 1427
DO. Money Fd.___|1165
Mmster Fond Managers Ltd.
mratcrH^ArthmSL.UU. 01«31l» 144 t3
M=d W «Kfczzz=:fe ^
Coyne Growth Fd. -58.4
MLA Unit Trust MgemnL Ltd.
Old Queer Street, SW1H MG. 015307333. TargetTst. Mgrs. (Scotland) (aMb)
MLA Unit* _p07 323| .1 505 19. Athol Crescent. Edio. 3. Q31-229B62UT
Targeiagle K5 - 23Jrt +0^ 3.45
Mutual Unit Treat Managers^ (aXg) =o| 11 S
13, CojpthaU Are,. EC2R 7BU. . 01-fl0648W
Matoa j Sec. Plat — K 35 4751 -g> 6.*g Trades Union Unit Tst. Managersf
Sralfl3 10 a Wood Street. E.C5. 015288011
MKi^YlfciSx 51^43 TOOTJnly 1- (463 . 49 l3( ,„J 552
Transat l a n tic and Gen. Secs. Caf
91-99 New London Rd. Chclmatord 03*551651
1620 66.9X8 ] 644
93.6 9f5 —4 L«
•.- 1 ■*-" (Accum. Unit*) fc
Colemco JnlylS — 1115
National *^<*1^*^™* gSSffiiS&Li: 85*
48,Gracecburcb St,JBC3P3BH • OLS34300 Units) S25
N.PX Gth.tIe.Trt — [4C5 O.M }g Glen July 19 46.1
(Accum. Unltsi*j»k7.9 ! 55 (AccnmUnllx) 57J
NP1 0'aea*. Trust [121.7 12Ag 1 Marlboro July IS 502
(Accum. Units)** —.11273 lX4Hj J (Accum. Unfix) 56.1
-Prices at June 36N«atdM\ii)g dayJoSaa VaaOxA Jnta 19.., M2
•Prices on July 13. Next de al in g July 27- (Accum. Units).—. 533
Van'diLY Joly 19 _ 60J
National Westminster? (a) fA^^urttS.^IS;'
Black HnreeBd | U9X7 |
fione t ta Life Assurance Ca
as High St, Potters Bar, Herts. P3ar 5X158
Growth Yd. July 1-1 549
RetuOFBd. July 6—1 1003
DoJnaJJgdAM.— 1323
D 0 JY 1 s.Gtd.Cap 1347
PoPnaCtd-Acc .- 1028
196.S
BZ m -
3366
1393
1865
1083
_ ♦Retire Annuity
_ ♦Immad.Au'ty—
= “.W-
'Isd-
Canhon Assurance Iidf
1. Olympic W Jr, Wembley HA90NB
Equity Units
Property Uni
Ex et Bald. Unit— ,
01-9028878
National and Commercial
Second Set
31. SL Andrew Sqowe.Edtal)*nghtl3T-fflO®j51
Bassa==w i!=lff&£3fctai
4L Loth bury. EC2P28P
Income— P 2 X
4l.Lctabuty.EC2P:
Capital (AecnmJ— ,1603
Financial — — 09.9
- - — [bI5
Portfolio lav. Fd — [1
NKL Trtist Managers Ltd.? 00(g)
T&iteb Court, UOrUnL Surrey. . . GBll
Nrtitar 156.7 596] -06} 468
New Court Fond Managers Ltd. (g)
72-80, Gatetaxua Bd, Ayletamy.
N.C Equity FnmL-0475 156.
iS'. & tatauat
N. C. SmL C*. Fd. _jil9.0 153-41.4] 5J3
01-8378044 Wick Dl v. July 13 _ BOX
-0X1 6.48 Da Accum. (627
-D 2 J 4A7
-0-1. Tyndall Managers Ud.?
1R CanydgeReed. BrbUL
Income July 20 [886
(Accum. Unite) 1525
Cap. July 20 1076 U3-.
LAceum. Unfix) 1473 15
SSSflS?-Sf» ”
02985941 tAcoSu»)U)? uL
334 Scot. In cJ uly 20 juOJ
740 bate Wall Grate
Capital Priority — .>73
Extra Inc. Growth- B9.9
Do.A«oJn, — pSL2
aj=d
♦Secure ReL
GiUFani
JAiJWretterCep..
Wnv.Fd.tnts
Imperial Ufe Asa. Co. of Canada gSr-ftS^S
Imperial House. Guildford 712S5 Man. Pent Pd. _
saa&iss 0d=
For Itufividoal life Insurance Co. Ltd.
See Schroder Life Gitop.
Irish Life AsSaxance Ca Ltd.
159.7
158.9
634.1
63 IX
1427
1426
603
683
1483
147.9
131X
130.7
105.4
109.9
109.9
160.7
)MI)
&06J 12ZH
^^1243
.1206
130.8
1230
mo
1229
1383
1244
120.0
123.7
^3
Tulip Invest Fd. C
Tulip Maned. FtL f
Man. BondFd -7 .
Man. Pen. FU Cap.. 0007 305.9
Man, Pen. FU Acc. -11043 109.9
Trident Ufe Assurance Co. Ltd.?
Renslade Hooee,Gkracefiter 045238541
Pens. Mngd. Cnp._
Pens. Mned. ACC. _
PenB.GtUDep.Cnp..
Pens.Gtd.De| '
Pens. _
Pens. Pty. Ac
Trcfi. Bond
• r
*TrdL GJ. Bond — .
•Cash value
1L Ptntaury Square, EC2.
Blue Gt. July M F "
Prudential pensions Limited?
Balance Eond _
Equity Rond ___
Property Bond
Deposit Bond
Mngd-AacuBLUnH,
Uteaad Equity Amnm
*-**—ffl
Managed F*imd f
SoaMfld.Jn]yl_t
01-088353 Bolborn Bars, EON 2 NH.
4,0
Prop. F. July 20 . (£2170
Reliance Mutual
Tunbridge Wells. Kent
ReLPnaiBd*. 1 M 1 - 2
Royal Ingarnnce Group
New Hall Place, Liverpool.
01-403 SQ22
DebbsilJnnrS
Way Pen. J u ne 23.
► Fund _
mtFnnU 1135
Sire AoFU .179 0
Prop.
Frop.M 0 d.Gdi
King ft Shaxson Ltd.
S2.Cnmhm.EC3. 01-6235433
Bond FA Exempt -K305J5 107331+054( —
Natl mMn* Job ®. . _
Gill Bond* DJUt 1X3 9] -L« —
Gori.Sec.Bd. (1105 126.7] -L5) —
Longhorn Life Assurance Co. Ltd. .
LaPrtmmBa.HoImbrookDr.NW 6 01-2038211 Sw«_ ft Presper GrMpf jfiSSSf - ”
Langham 'A' Plan,.K2.7 66 M I — A CtStHaJeo-s, Lndn, EC3P 3EP. 01554 B 8 » SSl
Tyndall Assarance/Pensionsf
1R Canynge Road, BrlEtoL 037232811
3-Way Jnno23_
Equity Jane 23 .
Bond Juno 23 ___ — I
Property June 23..]
Boyxl Shield Fd [1176 124 «! | —
. CTaea* Inv. June 23.
089222271 HnJgJVJnlyl.
KiSK 1 /. 1 "
Da Prop. July 1
053 274422 Vanbnzgfa Life Assurance?
1086
1364
...
1514
,
90.4
122.4
125.6
642
1463
......
2226
154.8
|)||m
732
■MM
Capital Ufe Assurance?
wS P rs^°ktra Fd
■aSrjE
4141 Maddox St, Ldn. W1R9LA.
11293
1995
cooUton Hook, chapel Art wtoo 090228511 LlftPAssta-. Co. trf Pennsylvania
Kfy Iaveil. J -“-J “ ?A 59 Mom>tu>.Ae» vivnvn ftr^cr
BiUnv.Fd.
—
PacamakerinrJU.
10739
DeparifFd.**
[Pera.FU —
Chrthse. Japhet Life Ass. Co. Ltd.?
I P a tw noater Raw. EC4 01-2483909
Energy Bond* B52 37.01 1 —
Money Bd*. & 8 .B 38.2 .1 _
MaragttiBd*. &!S 36^ 1 —
Equity Bds. BIX
U0.9
127.1
196.7
119.0
156.9
1756
39-42 New Bond St, W1YCRQ. 01-4938385
LACOP Units .[923 969( 1 - q, p BMS o+ - h7ii
Lloyds Bk. Unit TsL Mngra. Ltd. ftiSS “July ta.
7L Lombard St, EC3. 01-6231288 \ TWceUy dealings.
Exempt J9B.4 wxj — 1 833 Schroder Life Group?
Lloyds Ufe Asrerance ' Enterprise’ House. Portsmouth.
117.4
^ -031 -
mu ....n
wnA — 06j
■ •••Jul
16.1
nmd Intent Fd — 1516
Property Fd
Cash Fund
1113.6
.Welfare Insurance Co. Ltd.?
01-4994923
13631 -0X1 i.
203.7 -0.8 —
ID IX +0.4 .
1596 — •
131.9 +0J _
1196 -
July &
— I — l2Leadenha»St.EC3M7LS.
aflt-Gth July 8
Opt-SProp. July 14,(1X5 7
Opt. 3 Eqty.Jnly 14. D1D6
StB&SSki
OpL&
Opt. S Dtp. July 14.
1363
1302
117X
Norwich Union Insurance Group (b) FtaregM WWF-^ Bg*
Po, Actual
P.O. Box A Norwich, NR1 3NC. 000322300 High Inc. Priority-
GnxipTstFd— S85.0 3803] -13) 5JB Loottoo WalllnL^f '
Pearl Trust Managers Ltd. (afapft)
sraetai site,; ai*
Stronghold Unite
City of Westminster Assnr. Soc. Ltd.
SSSS&JSr 4
’£ 5 (=d =
City of Westminster Ass. Ca Ltd.
rangnteadHoue, 8 WhlteborM RoaA
Croydon, CROUA. OI-0849004 Wiw rihW k —
West Prop. Fund KJX 55M I _ gttntf UH
Mfla«odPuad__ft 50 ,fl 1571 ...j —
Equity Fond 51A -oa —
ItarndandPtowS^Klo* . fc.S J —
m2fc=de& j ‘ Kxl =
PULA Fuad |W68 M 97 ] —X —
Commercial Union Group 7r iTJ&
SL Belen*s, LUadershaft, EC 3 . 01-2837500 SffSSxS T loo a
5S |:rj - SSSSys^p
Confederation life Insurance Ca e^^juiZvEuj 7
50,ChgiKeiyLana WC2A1BEL 01-3120283 RocOvezyFCLBd : , _|48.7
VEtjultyFund-
L172S6
01-8336621 Flex. July 19
— 1 — gSMi-
Prop. July lb _
_ FtaedtaLJnlylfl.-.
-4 -• ggo^.gtaidt.
j — gepamJntett-.,..
London Indemnify ft GnL Ins. Co. L td, pmlabc. jtyy^ p,”.
1030 . The Forbuxy. Reading 583 SIL
M.
p %
IB5 u&i
1176
boro
Il956
1132.7
11279
lttl.9
1100
1 1666
11916
XMMrt
Fixed Interest
Deposit
M ft G Group?
Three Quays, TWrer SB! EC3R 8BQ P14B6 4588
Per*. Ponrion***_l 174X
Cwre- DeposU* 0133 119.6
M
Feu-Aec. July lp.^.
EMC.Pmi.5pL
Ktae.Peh.Ace.— •
teflvteaal ute Fuads
me , +061
11377
120.03
2056
Z39.fi
134.7
1096
1159
1756
ZDU
Th* Lena, Folkestone. Kent.
Cap. Growth Fund, 1183.9
AExretipl Flex XU. 106.1
OExeoipi Prop Fd.. 733
6 &H*-InvT«l>d_. ll&l
mm in ] rTexIbleFUnd 45.4
<770527733 Jnv. Trust Fd 113.2
+36
+0J
-D.4
+ 0.1
+ 0.1
+13
+115
+523
030357323
Moneymaker FU— te?X
Property Fund 170.9
Windsor Life AssnrJ Ca Ltd.
1 High Street. Windsor. Windsor 68144
Life Inv. Plank. 1
FutureAsedGthiW.
FuturcAssd.GUrfb).
' Aasd-Pen*.
— Jflex. law. Growth -(996
^ BJ «M
050
£23 48
2 S! High Hoi bom, WOV 7KB TSB .Unit Trusts fy)
Pearl Growth Fd —
Accum (Jolt*
Pearl Toe.
gLOnutry War. Andover. Rants. 028482188
9M waged Fond _
P«SMtI Pea. Fd—
inky Pen. Fund _
lb) Do. As Cum. —
lb) TSB loeome.
Pelican Units Admin. lid. (gX*) .
81 FouiitmsSL'Bhndiater - ' 061-S38B6B5
Pell cun Unite 167.» »4-fi6| .550
(b) Da Arens
TSB Scottish.
096
42.4
—03)
*8,9
saS
-0 A
475
5B3
473
R.tt
"***
M2
782
77.9
■M
— ...
552
7.96
7.96
232
232
Managed Pea Fd..
[1115 1173
I486 155.7
MJ 63!
178.8
1669
raw
1555
. 123.6
3175
raura .
Mcaey
5-*S.GtaBd«_„-
K- & S. Oort, See
SSS® ,W -+
Capital UT
Income Ur.
InlernaUmmiirr,
Seottiah Widows' Granp
1137.9
109.9
13L4
1312
1133
1313
1183
91 B
, U96
117.6
126.6
T«g
1«3 -0.71
115.7 +04
1384 +0.4
1383 +03
1193 +0.1
133.1 -13
116.7 -15
96.7 +L1
1260 +1X
1211 + 0 f
1333 +U
1424 +1.0
NOTES
Prices do not Inrludc 5 premium, acent where
Jodi cat ed *. and are in peace unleca otherwise
indicated Yields % (shown m Jut column)
allovfor all buying expenses.* Ofirred prices
include all expense*. b Tttdajdj prices
c Yield based on offer price, d" Estlimrted,
“ ' ' 1 M prion "b DlBWlwtlon-S?
1 Periodic premium Insurance
e Today 1 * open_
of UJL taxes, p P
plans. a Single premlu
x Ottered price includes all 1
Insurance,
axpemns except
+03
+06j
■July 13,
Ulster Bank? (a)
Perpetual Unit Trast Mngmtf <a) "Waring S traLBe lfem.
48 Bart SL.Hsd ley on Thames 048126868 0»Ulster Growth _.fJ3X
P petra) Gp.Gta [1523 1625J — j «
093339221
36JJ-d? *90
Unit Tract Account ft.Mgmt, Ltd.
Piccadilly Unit T. Mgra. Ltd.? (a)(b>-
WantrteHse, ^ Lratoi WiOBCZ . csgaoi zJ |g
Wider Growth Pnnd •
-071 330 BtaffVRBlamSLBCWSAR 01«3«81
Com MU Xnsnrance Ca Ltd.
3a.CwttWH.EJia 01-6365410
Capita] July IS [ 1326
GS Spec. July is 430
HoQhPdJhM 20. |M23
Credit ft Commerce Ittssrance .
120, Bagoat St, London W1B3FE 01-4397081
sssfees aa=i =
Crnstder Insurance Ca Ltd.
60.11
American Fd. fid.*. WS 6 50^
J *Sf^3rr-^ ff s
Magna Assurance Company Ltd.
]& Chequer# So. Uxbridge. Middx. 32181
Buildlnc Soc_Bd. _ I 12L7 ( _’„J —
llagtUt Map. Fd — I H03 1 .... j —
Merchant Invesfera Assur an c e ?
123. High Street, Crardon. 01-688 9171,
Cwre. Den. Fd.
Money UmLB
M«r. iflT. Mas. Fd.1
Mer. Inv. Flt-Bd. „
EquttyBocd ,. — _
Pr op. Peas
Man. Pen*.
mnowi acenfs commferion. y OHeredpriOTincfiidS
FO Box 902, Edinbrgh, EH165BU. 031-055 6000 Jq expense* if btraght through manaxera,
inv^y&riiul J91J 91^- — — x Plrevimii day's price. 9 Net of tax on
taV.f^jSuriesi.,. W5 .9111 J — WteUaed capita] gains union Indicated by *.
Ex-ULTr.Jalv6 IU9.4 129^ ^ — fGneresey gram 6 Suspended. * Yfad
Ugd.Pain^^i3.!
before Jersey
_Petu..
Conv.Dep.Pena..
moo.:
uu
f S3
*••••■
l tt fs
541
133.9
1191
1305
3313
2573
zz
fit tro Income
Income ft Grow —
Capful Fund
IntErnai Aaaeta,
MvateFlud — «-
Aeeumltr. Fund —
TnchnobgyFmxL-
« iSSffl— gi Sd jjjiwm.umc.-HM
NEL Pensions Ltd,
KSBaagM-raar? ag asa i-^-
E^Ze Star Insnr/MWlMd Asa
LlhrckdncedloSL.Bca. 014881212 Nelat Itei AccH *6 5
dMl-0.71 tAl . Xtartn&day Jufy
son 1
CLIVE INVESTMENTS LIMITED
1 Sojn] Excbauge Ave., London EC3V 3LV. Tel: 01-283 1101.
• Index Guide as a« Mlh July, 1977 (Base 100 at 14.1.77)
- Clive Fixed lnicrest Capital 112.30 J
- Clive Fixed Irtere«t Income 102.62
CORAL INDEX: Close 437*442
INSURANCE BASE RATES
t Property Growth 10%
Cannon Assurance S%
"t Address shown under Insurance and Property Bond Table.
—A
1
38
Rnsafone
Let Ansafone onswer your phone
From £1-25 per week
19 Upper Brook St. London W1Y2HS
^csS^
Thursday July 21 . 1977
^Simpty#ie beat industrial end
consftjeaft^Bcornpessofs
Ring 01629 9232
Carter Post
Office report
angers union
BY JOHN LLOYD, INDUSTRIAL STAFF
SECRET BALLOT RESULTS WILL CO TO JUDGE
THE LEXCOEUMN
Grunwick ‘No’ to unions
BY NICK GARNETT, LABOUR STAFF
THE REPORT of the Post Office double the Post Office burea*
Review Committee, published cracy. It also fears a rundown
yesterday, has been received of postal services once a split
with hostility from the Union of had been effected.
Post Office Workers and scepti- But the second largest
cism from the Post Office, postal union, tbe Post Office
although consumers organisa- Engineering Union, welcomed
lions welcomed its proposals. the proposed division, saying it
The committee was under the would allow the separate
chairmanship of Mr. Charles management Boards toconcen-
Carter, vice-chancellor of Lan- trace on their own problems,
caster University. Neither union commented
• The report recommends the directly on the report's advice
splitting of the Post Office into to delay the introduction of in-
separate postal and telecom- dustrial ‘democracy at Board
rnunications divisions, the crea- level, limiting themselves to sup-
tion of an advisory council on porting the plan agreed between
Post Office and Telecom munica- the unions and the Government,
tinn Affairs and the adoption of which is to come into operation
a- generally more market- Jate this year>
oriented approach to its services.
It also advises against putting (D Q j;A Q r
workers on the Post Office Board.
a plan to which the Government The Post Office Users’ National,
and the major postal unions are Council, the Mail Users' A ssocia-
formally committed. ' tion and the Telephone Users
The Post Office, although Association welcomed the report
reserving its official reaction virtu ally without reservations,
until the report has been further All felt that many of “their
considered, is known to be highly recommendations had been
sceptical of some of its contents, embodied in it.
Top management is irritated Lord Peddie, of the Users’
by a lack of consultation between council, said: “We like its
it and the Carter Committee, and radical approach. It will arouse
believes that there are a number h os mit y in certain Quarters —
of inconsistencies, omissions and but ^ better for ttat »
mistakes in the report. The Government has made no
For example, it is apparently statement beyond a general com-
surpnsed by the recommendation mitment t0 J onsider ^ rep ort
to set up a council with wide carefu ]| yi
powers which weight Produce In a commons written answer
delays, something tbe report says yes t e rday. Mr. Gerald Kaufman,
must be avoided. Minister of State for Industry,
But some Post Office circles sa id: “The Government wishes to
are already conceding that it pr 0 V j de a f U jj opportunity for
may be necessary to ^ accept the consideration of th<* issues
council t which they do not Uke) ■ 6 reportt both in Par-
ty achieve the spUt m the two ]iament and ^ coimt iy as a
functions (which they do). whole
The Union of Post Office « w ’ _ re j nv itine the com-
Workers reaffirmed its opposi- mel ^ s of those with a major
sp ltl M , r ‘ Tom . Jac .”• interest, but we would also wel-
Jbe UPW general secretary, said: COine comments from those who
We 11 be m a Noah s Ark kind bavp a contribution to make.”
60 Editorial Comment and
The UPW has ' traditionally Feature, Page 20;
taken the view that a split would Report dclsls, Page 31
International bid to
end steel crisis
BY DAVID CURRY
PARIS, July 20.
WESTERN STEEL producing supply and demand in the home
countries have decided the world market and the industry's main
steel crisis is so severe as to problems,
warrant a multi-national solu- They are also being asked for
tion. - views on longer-term develop-
Representatives of 21 steel- ments and the competitive posi-
ts aking nations meeting within tion of steel, again isolating the
the OECD framework to-day main difficulties,
called for detailed national Although there will be a long
Studies of the industry to be period in which the ad hoc work-
prepared for a two-day meeting i n g party will feel its way
at the end of September. towards agreement on the indus-
This will mark the beginning try’s problems and the scope of
of negotiations for an interna- the negotiations, to-day's agree-
tionat accord on the structural nient marks the first general
and commercial difficulties of acknowledgement of significant
steel similar to the current structural problems which must
negotiations an shipbuilding. be tackled internationally and of
The agreement, that the crisis temporary distortion due to econ-
was sufficiently deep to warrant oraic conditions,
multi-national investigation, will However, how mhch weight to
S lease the U.5. It dislikes give to each factor will doubtless
ilateral agreements on export be the subject of long argument,
restraint, such as those, between
Shipyard chief
to discuss
the EEC and Japan, on the
grounds they divert problems,
frequently to the U.S.
Representatives of all OECD
members, except New Zealand,
Ireland and Iceland, had before ■ * m
them a report prepared by the 10DS Oil J. VT1G
OECD Secretariat covering 9 J
demand, trade, prices, produe- ADMIRAL Sir Anthony Griffin,
tive capacity, investment and chairman of British Ship-
employment problems of the builders, has agreed to meet a
world steel industry. deputation next week from Tyne
They described it as a useful and Wear County- Council, which
slarting point in identifying the is campaigning to obtain more
main issues and called Tor more work for North-East shipyards,
detailed analysis from OECD The council recently set up a
experts. special shipbuilding committee
In particular, they want more because of the threat of a run-
inforuiation on short and longer- down through lack of work,
term forecasts of supply and affecting thousands of jobs,
demand and Turlhcr analysis of Mr. Gordon Wainwright. the
trends in the international steel council chairman, said yester-
trade. This analysis should day that the deputation hoped
include countries outside the to ensure the continued eiftploy-
OECD like Korea and Brazil. ment of men in Tvneside yards.
At the same time, participants He added: "If there has to be
have been invited to prepare for a rundown, however, we want to
the September session state- make sure that retraining fadli-
ments on their national indus- ties are provided and that alter-
tries covering the currentnative work will be available."
A SECRET ballot conducted at
Grunwick yesterday by Gallup
Poll, the market and opinion
research' company, , produced
an 85 per cent vote among
staff against any- trade 'onion
negotiating pay and conditions
at the film processing company.
' The ballot, carried out with-
out any management present
during tike actual voting, also
produced an 87 per cent vote
against joining the Association
of Professional, Executive,
Clerical and Computer Staff,
the union which has -been
involved in a recognition dis-
pute with the North London
company for almost a year.
Gallup, which had been
brought in by Mr. George
Ward. Gran wick’s managing
director, bad the payroll list of
the company's 303 staff. The
‘vote covered 209 people, with
the rest, 14 directors, the
temporary staff of 61 and
others who were sick or absent,
excluded.
No notice was given to staff
that the vote was to take place,
and Mr. Frank Collins, a
Callup director, said that
management was not Involved
in the vote at any time. and
there was no way that voting
forms could he matched up
with the names of individuals.
The ballot was carried out
in English and .Gujerati. A
third question resulted in an
82 per cent, vote against 'the
reinstatement of workers dis-
missed during the dispute.
The poll produced con-
flicting responses from Mr.
Ward, APEX, the strike com-
mittee and' the National Asso-
ciation for Freedom,, the law.
and order pressure group
which has been advising Grun-
wick.
Mr. Ward said the idea of
the poll was to test whether
there had been any change of
opinion among the company’s
staff since a ballot was taken
in February.
That ballot had been chal-
lenged following allegations
saP-
Iff*
*
i-
<~S J 3
IH in
i-
v C
Fairey is aot paying a . final
G run wick's non-striking workers queue to give their answers
in the secret ballot on union representation and membership.
that the company had exterted
pressure on staff-' Hr. Ward
said that although those
allegations were untrue the
company had taken care to en-
to* every* fo£m *of 'abuse* and P ccted that big contracts for Raising capital on the market of £59rD ‘
harassment.” . . ■ bridges and aircraft would be f dr the first time -post-war, of last year to around £30m. u.
Mr Roy Grantham, the signed in ^ for substantial British Sugar Corporation Is the current six months signif .':'
genial deliveries to be made before the' not doing lings by halves. The ■
dividend, and its profits for the 7.J.- fell 7 7 * n “I
year to Man* total £1.27m. pre- maex teU 10
tax compared with a foreeast in
December . of an improvement
on tbe £L92m. of-, 1975-76. The
shares, which at -the beginning
of last week stood at 83*p,. fell
18p to.48p on the news. -
The first hint of trouble came ‘|
less than a fortnight ago, when
tile group disclosed that its bor-
rowings had soared from around
film. in 1976 to £28m. at the
beginning of this month- This
compares with tangible net
worth of roughly £26m-, and'
(.with a borrowing limit under
the articles of association, of
just v over £25 ru- Shareholders
will vote nest week on a pro-
posal to increase tbe limit to
£35.6m.
There have been two main nj»,; n i, c -
problems. The group had ar_ HnUSU Sugar, r-
. capital requirements, and the
annual peak in short-term
needs, the balance sheet is V
strong enough. The prospective-
yield, oh an ’ ex-rights
43Sp a share, 1$: 6.6 per
15
e
£
respective- .
-price of -f
ccent
in
w
Courtaulds
The n£ws from Courtaulds’ J
annual meeting is that hopes
of a . marked recovery in the, 1
fibres cycle have again to be
postponed. Although profits in
the first half of this year could- '
be 30 per cent, higher, ’ trading
conditions have deteriorated."
since the second six months of
. 1976-77. . V.
?■ Courtaulds is not alone in this
situation: other -- European". -- "
majors, like Rhone. Poulenc, . -
Hoechstand TCI have been.,
making, or are contemplating. :
renewed production cutbacks - .
However the decline 'from pro
-. , S I - -. 1
SCi l-i
“ *“ I*™?*.* *£?-£*-BSZ £18.^ call represent ffi} per
beyond criticism.
The ballot was also designed
to be seen as “a conciliatory
and reasonable move" by the
company. The results said Mr.
Ward, were predictable and
would be given to the public
test as-“ a farce 1 *: and said It
was meaningless in the context
of the dispute.
It was "fantastic," he said,
that ''a, company that, had so
firmly refused to give a list of
employees to the Advisory
would have been £2m. higher cent -of the present capitalist I s - seasonally . much
But altiiough tiie orders were tton ending the Government- iffi{,ortanL ' ?
delayed until after, the year end, bel( j shares. Tbe discount for, T1 . n . . •
FUrtjy went ahead wife work a on e-for-two Rights issue, is Union UlSCOIHlt
for the contracts. And it res- especially *large. at just over In common, with. Alexander]
wuuiu ue m.cu M, me uuuui fmnmviws rn in. ADvisurv P® nded to ? e ^ r s in the F16 a fiftk xhe bait is a doubled which reported earlier thr' **.
inquiry on the Grunwick dis- Concitiation and Arbitration dividend > a forecast which month. Union Discount had •'
pate which Is now sitting under Service Iasi year for the pur- poning me planned run-down almost triples profits In two brilliant first quarter in tt ....
pose or a ballot should do so °V- 1 “ islander wont load, as a years despite bad harvests, and gilts market and the first si~ ; ..
now. ^w^ot^tbeprospect given some over-months of 1977: have bee'. .
The Grunwick strike commit- JF™ 1 now due luck with the weather, that M quite the most profitable H J 1 .'
tee said the you was worthlcaqi ^.^“aUmult of this build ^ rate could continue tbe compaayfs bistozy.
capital is that produce more than £30 ul of - Eor most - of the time it w: .. . -
profits next year.* ' - funning- its book at a loss b: ... - <
jSr^^ thatTiow has- : The Government has said *o ^ ™ ^ous math ;1
sufficient orders to clear its "Thanks, quoting public expend!- f Ive ? ihe oPPortumties t%t m
stodcTbSdS nd imitations, and its stoke {jggwj
its airr»Taft invDntnnec mm n 'WflJ drop below’ a quarter. Mnimum Lending Rate turn’
Lord Justice S carman.
Tbe National Association for
Freedom said that the poll
showed M that the real workers
in this dispute are over-
whelmingly opposed to : the
designs of those Who want to
coerce them into joining a
onion.” It was a remarkable
proclamation "of the courage,
and determination of a work-
be cause it was carried out in
a "climate of fear.*
APEX said -yesterday that a
number of Grunwick van
drivers who had recently
joined the dispute had been*
dismissed.
SE probe
of ‘false
market’
By Keith Lewis
THE STOCK EXCHANGE has
confirmed for the first time that
a committee of inquiry is look-
ing into the possibility of an
artifid al market having been
created in shares of some pub-
licly-quoted companies.
Yesterday’s statement, after
widespread reports that such an
Investigation was in hand involv-
ing ; eight companies, stopped
short of naming those concerned.
It seems certain that the probe
was initiated at the request of
the stockbroking firm of Burge
and Co., whose clients include
Bucknall Trust and Wearwell.
Also under scrutiny are deal-
ings -in shares o£ BPM Holdings.
Amalgamated Distilled Products,
Consolidated . Plantations War-
rants, Knott Mills, Swan Ryan
and UU Textiles.
The Stock Exchange is at pains
to say that neither the manage-
ment nor trading operations of
these companies is under investi-
gation. •
It describes the publicity about
them as "not only unfair to these
companies in that it connects
them with matters over which
they have no control, but also
can be positively harmful to
their interests and the interests
of their shareholders."
The particular offence relates
to creation of a false market as
defined under Stock Exchange
Rules by Rule 73(b)(2) as “mar-
ket in which a movement of the
price of a share is brought about
or sought to be brought about
by contrived factors, such as the
Phase Two pay up
8.8% in ten months
its aircraft inventories may still - — - — - -* — : —
* • - “* Despite that, British Sugar has from 14} per cent to
BY MICHAEL BLANDEN
AFTER A FALL in-' April, •
average earnings rose by 1J.
per cent In May tb/show an
increase of SR per cent over
the first 10 Months of the Phase
Two pay polic?-.
The _ XO-month Increase is
equivalent to a rise of more than f
10.5 per cent On an annual
basis However, officials remain
confident that with two fairly .
quiet months to come the final
outcome for the 12 mouths to
the end of this month will be
comfortably within ‘ single
figures.
This would meet the Govern-
ment’s present target for Phase
Two, compared with the original
expectation of an increase of
per cent, which was
quarter.
be about tern, too high for' com- Des P itc , Briti* Sugar has
fort it exports to bo able to S?™ for > , capital injection »» “gv™" -
clear them over the rest of the aimed at seeing it through to w®** especially rewaraing.
year. “ SSt^Sf the end of a £150m. capital t* ■ f £TS '
£2.3m. write-off against cap!- penditure programme,'Whicb it g”* 1 *®* J: -
talised earning costs on the “ one third of the through, n fih* down and in common w
iSr «d 8 C,a f £ «nd -a permanent^crease in otter^houses. ^which togett-
craft but the group sUtes that-^rking capitaL/ - . , p
changed its ideas about- the brief peak of f SSm. at the end Svjjjg* .
future sales pqs^bfflties. of the -manufacturing period in ■ s T*^ter:c •
According to'Fairey, produe- March, and mO move, higher as _ niu . ■ J.
tion cutbacks in the second halt' production expands toward pro- JJJjJ?®® , t
of last year would not ha^ during half Britain’s sugar (a
been justified because it ^as new EEC requirement on main- - ddwing few sl ^ as of rtimbi,
assured of receiving the «on- taining stock levels also does Union S? 08 . "f aS ?*«.': ' r
tracts at some stage, and. be-- not .help). But the seasonal ^asonable runmng profits o... .
-. Earnings
fifit
1975 1976 1977 I I could ^ 8 livel y affair -
cause labour cannot be - fired /swings within the year are suffi- monti,s *■;
and hired in high techhology dent, for instance, to have-pro- at ®‘ 5S P , “ le shar es are on »
industries. In that case, the." duced a net cash position at-the comfortable prospective yield- r ;
question is whether Fairey by last year end. 8 P® r cent * ,. . “ :
itself is big enough to be in-. The issue proceeds, plus a ^ ,, , 1
volved in such high business possible decision to treat most lviaglMSt ot oOUtllCnKu
risks. Less than two years ago, of around £40m. in deferred tax Former Magnet Joinery rarffCS
shareholders stumped up for a as equity, could take capital Southerns-Evans sharehold -...
£5m. rights issue; the current and reserves close to £100m. at have had effective divide: ■
market capitalisation is under the coming year end, against parity for two years since ^.v
£12m., so next Tuesday’s EGM loans of £21in. Despite the per- end-1975 merger, not just Qy
rnnU\ i>*» n ilwiv affair raanent increase in working as indicated yesterday. v "'
Weather
only 7 _
dropped several months ago. seasonally adjusted). This was
Present projections outside 10-3 per cent, higher than a year
Whitehall suggest that the out- ea £^ er -
b ' wccn 9 ssusLi ^ Y Sc s, c,oud and somc
is^hCT^rc in rfkri? ? fo e h? ,i ?rt St of London. S.E. and Cent. S.
is nerefore nkeij to be not in overtime working and the England, E. Anglia, Midlands
mrirh mart* than half lho in. wu^uig auu vutri uugwuu, n. ausua, niuidmw
crease Sn° retail prices f over the absencc o f tbe exceptional bonus J Dry, sunny periods. Wind
create HI reuil pnm over me tk. mnHon»n In F«.cV, tomn
same period. The retail price Foments at the end of the tax] moderate to fresh. Max. temp
year which boosted the Marcb|21C (70F).
index rose by 17.7 per cent, in
the year to mid-June and the ifna ujnr> ; n „ tn \ E. and N.E. England. Lakes,
£»??*■?. Biln^rph and Dundee,
year-on-year infiaiion rate is ex- i,„. ,S, in 7n flip Bordcrs * Edinburgh and
pected to remain high this '“Sf 1 tSSUS, J® S :^' Scotbmd. Glasgow, Argyll
month. ~ Mostly dry, bright intervals
This underlines the reasons for ft hP«n Wind moderate to fresh. Max
the official estimate that r«*al LflSfniS! «mp. 16C (61F).
oersonal disnossblp inramp urili oi tnc 6lcni6Dts iiiriitins tiic
hare fSlen ^6 per du7- Jevel of earnings during Phase Channel Is. S.W. England,
ing Phase TVo After nSt Tw °- compared with the original „ S. Wales
month, however it is expected P r °iections. • Sunny Intervals, increasing
that inflation e wil] come P dDwn Nevertheless, it is dear that cloud. Wind- moderate. Max.
sharply w a result of the rSSS ** formal limits of the policy temp. 19C (66F).
oy cuuoivcb itHHia. ! stability of the pound and the hav ® teW h finn - Ab<n fJ, N l^' M and JJ- .
operation of buyers and sellers ] effects of moderate wage settle- workers have now settled on England. Isle of Man, N. Ireland
w i J .. . . --'ments. terms within the. policy, repre- Dry. sunny periods. Wind
Tbe Department of Employ- noting more than 90 per cent, moderate to fresh. Max. temp,
ment said yesterday that tbe of tiiosc expected to he covered IS £ <64F).
index of average eaminss rose b - v major settlements during the m . Outlook: Cloudy in West -and
to a provisional figure of 28A3 year.
in May t January 1970=100.' Editorial Comment Page 20
acting in collaboration with each
other; calculated to create a
movement of nrice which is no;
justified by assets, earnings or
prospects.”
At tbe centre of the probe is
the practice of “ put-throughs.” _
This is where a willing buyer*
and willing seller agree on a j
price at which a tine of shares -
will change hands, and a broker :
then -passes the business, by j
prior arrangement, through the ■
book$ of a jobber without the !
stock going through the market.
TGW leaders fight
for 12-month pay rule
North with rain or drlzsle in
places. Mostly dry in South-East
with sunny intervals. Temp, near
normal in North. Warm in South.
BUSINESS CENTRES
8T ALAN PIKE. LABOUR STAFF
Athens
Bahrain
U.K. gains EEC Budget breather
Bella
- - TV- — * Fvmm. ouujuct to W
.General Workers Union are possible changes which may U-,—
fighting to preserve the rule. of determined at the SeptemberJs^.
! o 19 -itinnth oan hnhi'non noir ti « * I VnifiKU
Bud west
! a 12-month gap between pay TUC.
BRUSSELS, July 20. I settlements despite their con- , ' . . • B Atrcs
Terence’s demand a fortnight ago , ^■ ef L-’w , ngers in the union will Ctjn
BUDGET MINISTERS of the the Budget- in new European emphasised that the British posi- for an "unfettered” return to 'hat the letter, signed by Cardiff
nine European Community .conn- Unit* of Account, in which the tion was “ non-nezotiablc ”. (free collective bargain tag. "f'-k Jones, general secre-
triei acrccd to*nisht to postpone pound has a more realistic The switch in units of account ! Guidance being sent out lo \ 3r 3;- u‘C«Uy opposes the poucy. xhAHn
a -decision on the method of cal- Uhat is, lower) value than in "should not cost us anj more” | full-time officials, after a meet- dec,dcd i l unions confer aainbr
culating the British contribution Uw budgetary umts of account he said. ]ing of the union’s finance and once - ,n DougIas ’ ble of Man iccarra
lo tbe 'Community Budget Mr, used hitherto. Ministers were continuing their . general purposes commit ice Much of the debate centred j cuasow
Joel BarnetL the “ ■ - ' “ ^ — ■— ’ -- '“**
to tbe Treasury
scribed
satisfactory
ribed the agreement as “ a very use of the new European Units too early to tell how much they ! strongly bound by TUC policy the
tisfactory arrangement." of Account should not increase intended tearing down the .Com- ' to stand by Phase Two agree- lew
The Council of Ministers has m “ is “ nu < empire. far,
conference call. for an unfet- j uoaa
tered return to "free collectively”.
The Council of Mimciprv h-K mviv mtaatuu a fitt/pvsca smr ccia. . lueius unui tnev expire bargaining was taken in prefer
sot an Ocohor 31 doadlino Tor !i> an “ nder ”™“ ™ ^ihn. Enropoan The move -*iu anger many to a more moderate motion
Y’day
Vday
tnld-dky
•C *F
mid-das,
•C -F
F
IV
Madrid
S
32
90
Mwichsn-.
r
13
39
Melbourne
s
13
»
-
Milan
V
7}
91
EE
Montreal
s
2#
H3
•
Moscow
c
23
73
Mtnrfcb
F
H
73
LT
Newcastle
C
16
n
NcwXOik
F
•a
X
r
C
i?
fa
Paris
F
j
Ppiit)
K>
ii
33
PtmBC
T
7*
1
UcTlUtivHt
S
59
l
■
Rio de J'9
S
36
«
B"TJ
I
Rom*.
S
a
1. M
r.
5S
«•;
1 1 1
I
c
IS
M
23
TI
li u
f
Sydiipp
s
13
O
V
Tehran
s
39
S7
V
IH
LO|
Tel Aviv
s
29
M
B
!8
Pi
Tokyo
c
•8
78
&
26
Tomato
s
3)
86
s
2*
n
Vlnnna
r
20
78
c
ztmcb
F
23
73
HOLIDAY ABORTS
rose Ivin? the issue: meanwhile th e old ®L;“SIV v c iV, o£ . account (£8.2bn.). -Left-wing Transport Workers’ seeking an orderly return.
Ihp Minisiers have embarked on Bonn, saying that the U.K. is After bemg settled to-aight the ■ members bul ^me as welcome Opponents will argue that if „
a rielailed debate on ih.- Brasses not as laid Council s proposals will gn before proof to the Government that the union insists on -Observing Marela s SB »I WagW s ft Is
Commission's budgctar>‘ nrn. dowo lrt the Treaty of Accession, the. European Parliament in Sep- national union leaders are tiv- the rule, the return to- fi;ee -coi- -aw™*-- - s -» sbUmscv f w m
pnsals. h'is put forwsrd nn interpret;!- tember. ing their best to avoid- a wages lective bargaining will Still be E ® ”
Bur Mr p .rnct! marir- it c i-.r \ i0l l ? f ?5 C J??** 5 * h !* h ""-l* T ? e Gennans are understood explosion. fettered. But the approach will Kw F a Step™ can
that the postpon-nu-nt or lho t0 0, i, ,D lo j be t, » m ? 3 .. l f ore he.pful The guidance letter tells be welcomed by many of the novlaime F is n sraian
that , nstp n JIT ni or me ists^h 1979 heme £4,On>. h,«. i- 0 .w— affictaJs tbat .. wbcn e Xistin g officials receiving Mr. Jones'S g ^ g(»iSL
Carta S 3 K I Naples
district official hjihroaoik s » w ffiw
*• Mncf arrrnn. Ekurntf S » K Rbodrr*
. j ,, rawtal * K alsahbwx
traditionally been ciorauar r si TsiTiaaii-r
2 -months and wo luriw-y s is si Tm^nfo
, ,, to re^n the pay nwsl ™ c ^
fiiDilj, development aid require the £2 50-£j 5 pgr cent, a'-peci'; of such agreements
He and energy. i formula to apply for the full ' isolation.
tfcat the Commission
fi getary units of account.
“Uve
r
f ■;
non
iv* ^ !
sit:
^ lit:
t: .....
«a
h:. - •
‘ki
interpreter
Portugal's new expansion plans offer British
businesses and their banks exceptional
opportunities today. In, say, machinery for
agncufture r fertilizers and textiles, negotiation!
-and deals in foreign currency - ca n be best
interpreted by a bank that is fluent in both
.' i r r .
*:vi
-fff5
- *
* i'n
• 'Vsw
-
finance and Portuguese.
i
Callontheservicesof Banco Totta &Agores ;
Portugal r s oldest Snd alsoone of its largest t"--
banks, with over 100 branches. We are here, in Sf ;
the City of Lond.on, at 1-3 Abchurch Yard,
EC4N7BH.
For foreign exchange dealing
Telex 888341/2 .Tel: 01-626 6711
Reuter Code: BTAX
£™S[s Vr
And for help.on any aspect of British/Portuguei^ , r ^7£e?r7T
business, talk to Manuel Bastosori 01-283 855.^
s, talk to Manuel Bastos on 01-283855!-?
International banking is our business. ■■ %
RHMCn THTTR & RCniiE
s'
Hoad Office: Rua Aurea 88, Lisbon 2. Telephone: 3694 '
Fcptesentetive Offices: New York- Paris-Caracas. ' : i
' ^ Totta-SIandai-d dc Ar«ob, Banco
Standard-lotto dc Mojambiquc, Banco do Oriente,Ma»fi| " c '
3i-.fi'
Kesiawraff W UK- Pn» Offlrr Pnrarfl by Sl O meat's PreM tor and vtf *.
M- rltv Ffluncwl Times Ui., Erarism anew. Carainn sip*.'!, mate SC®’- A ' '
v G B © The FmaoriJl TUora 1*® ^ ’ -
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